New Bill aimed at protecting Isle of Man from financial crime

Feedback is being sought on legislation aimed at strengthening the Isle of Man’s reputation as a responsible and well-regulated international business centre.

The Cabinet Office has today, Monday 18 December 2017 launched a public consultation on the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Bill 2017 on behalf of the Department of Home Affairs.

The proposed changes will enhance the Isle of Man’s compliance with global standards on anti-money laundering and countering the financing of terrorism. The Bill also acts on the recommendations made by MONEYVAL to strengthen the regulatory framework and further protect the Isle of Man from financial crime.

Clare Bettison MHK, political Member for Home Affairs, said:

'The Isle of Man takes its responsibilities as an international business centre very seriously. The improvements outlined in the consultation document and the accompanying draft Bill are clear evidence of our commitment to making the changes recommended by MONEYVAL’s committee of experts. I would encourage members of the public and business community to submit their views via the Government consultation.’

Responding positively to issues identified in the 2016 evaluation by MONEYVAL, the Council of Europe body for Anti-Money Laundering and Countering the Financing of Terrorism, is an objective within the Programme for Government. The full Mutual Evaluation Report on the Isle of Man is available via the Government website.

The Bill proposes new measures aimed at trustees acting in a personal capacity (non-professional trustees) and foreign trustees, including requirements to keep records. There are additional record-keeping requirements for Foundations and changes that clarify the powers of the Companies Registrar to examine and investigate relevant documents filed with the Registry.

The proposed legislation includes a higher level of financial sanctions for failing to grant law enforcement authorities timely access to information. It also makes it explicit that where parts of a dishonesty offence such as theft or forgery were committed abroad, these can be prosecuted in a Manx court. It would not matter if offenders were operating from abroad, as they would be caught by the legislation.

Feedback is being invited on the proposals in the consultation document and views can be submitted using the Government consultation hub at https://consult.gov.im/.

Further information is available 

The closing date for responses is Monday 5 February 2018.