As a well-regulated and responsible international business centre, the Isle of Man is seeking to consolidate its powers to combat the financing of terrorism.
The Department of Home Affairs is proposing to streamline and update the Island’s legislation by uniting measures from three different laws into a single Act of Tynwald. The draft Terrorism and Other Crime (Financial Restrictions) Bill is currently the subject of a public consultation. Feedback is invited before the deadline of 31 July 2013.
The proposed changes will ensure the Isle of Man continues to comply with international standards on combating money laundering and the financing of terrorism activities.
Home Affairs Minister Juan Watterson MHK said:
‘We are acutely aware that our position as an international finance centre may make us a target for terrorists laundering their funds. Our reputation for attracting legitimate, high quality business and adopting international standards should discourage such activity, but it is imperative our legislation continues to be effective in preventing the flow of terrorist funding to our shores.’
The proposal to consolidate and update the legislation is part of a broader commitment to international standards against money laundering, the financing of terrorism and proliferation, tax evasion, corruption and related criminal activity.
Minister Watterson said:
‘The Isle of Man has remained at the forefront of this key global agenda for many years and our reputation as a leading international business centre is continuing to support efforts to grow the economy. The proposed legislative changes are a natural progression in the Department’s contribution towards that national priority.’
The draft Bill is available on the Government website here and responses to the consultation can be emailed to firstname.lastname@example.org or posted to Tom Bateman, Legislation Manager, Department of Home Affairs, Homefield, 88 Woodbourne Road, Douglas, IM2 3AP. Comments must be received by Wednesday 31 July 2013.