Feedback is being sought on proposed changes to legislation which aim to protect public authorities in the Island which assist foreign jurisdictions in matters relating to money laundering and other financial crimes, including those linked to financing of terrorism.
A consultation exercise has been launched by the Cabinet Office and asks for people’s views on the International Co-operation (Protection from Liability) Bill 2020.
The proposed changes reflect the Isle of Man’s position as an international business centre and aim to strengthen its reputation as a co-operative jurisdiction.
Specifically, the Bill looks to protect public authorities in the Isle of Man against claims for costs, damages or consequential losses when acting in matters of international assistance at the request of foreign jurisdictions.
If approved, a complainant in an international co-operation case would be required to prove that the Manx authority acted in bad faith before being entitled to recover compensation or costs.
Chief Minister Howard Quayle MHK said:
‘The proposed amendments demonstrate the Isle of Man Government’s commitment in this area and intention to be fully compliant with the latest international standards. If approved, the Bill will present public authorities with the necessary protection when following up requests for information from overseas jurisdictions and will mark an important and necessary step forward.’
The consultation can be found by visiting the Isle of Man Government’s online consultation hub.
For those unable to access the consultation hub, a paper version of the consultation can be requested via amlcft@gov.im, or by calling +44 1624 698369.
The process will run for six weeks and conclude on 25 November 2020.
