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New legislation will strengthen efforts to combat financial crime

Thursday, 21 June 2018

New legislation has come into force this week that will strengthen the Isle of Man’s reputation as a responsible and well-regulated international business centre.

Royal Assent was announced at the June sitting of Tynwald for the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Act 2018.

The new measures build on the Isle of Man’s long-standing track record of compliance with global standards on anti-money laundering and countering the financing of terrorism.

The Act also responds to the recommendations made by MONEYVAL to enhance the regulatory framework and further protect the Isle of Man from financial crime.

Part of the updated legislation enables the introduction of new Codes for foreign trustees and unregulated trustees who are resident in the Isle of Man.

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 Act includes a higher level of financial sanctions for failing to grant law enforcement authorities timely access to information. It also makes it clear that where parts of a dishonesty offence such as theft or forgery are committed overseas, the cases can be prosecuted in a Manx court.

The legislation was progressed through the House of Keys by Clare Bettison MHK, member for the Department of Home Affairs, following a public consultation launched in December.

Chief Minister Howard Quayle MHK said:

‘The Isle of Man takes its responsibilities as an international business centre very seriously. We maintain a zero-tolerance stance in respect of money laundering and the financing of terrorism. This legislation is further evidence of the commitment outlined in the Programme for Government to make the changes recommended by MONEYVAL.’

He added:

‘The Isle of Man has a reputation for delivering on its international commitments and the Act underlines our desire to be part of the solution to tackling serious and organised financial crime.’

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