A public consultation has been published to gather feedback on proposed changes to the Island’s Proceeds of Crime Act 2008 (POCA 2008).
The draft changes aim to enhance the effectiveness of the legislation which is one of the Island’s most important tools in combating financial crime.
POCA 2008 is vital in tackling money laundering and countering the financing of terrorism or proliferation but needs modernisation to meet changing international standards and keep up with ever evolving technology and products.
These changes take the form of three separate draft Bills, the:
- Draft Proceeds of Crime (Miscellaneous Amendments) Bill 2025
- Draft Proceeds of Crime (Amendment) (Forfeiture of Money held in Bank and Building Society Accounts) Bill 2025
- Draft Proceeds of Crime (Amendment) (Unexplained Wealth Orders) Bill 2025
The consultation questions focus on several key areas including updating the terminology related to virtual assets (cryptocurrencies and digital assets) in line with international standards.
Comments are also invited on the expansion of references to include civilian investigators alongside Police and Customs Officers, as well as changes to confiscation orders, threshold exemptions, unexplained wealth orders and changes to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 and the Gambling Code 2019.
There is also a proposed change which will create a positive obligation on individuals to report suspicions of money laundering to the Financial Intelligence Unit (FIU).
Minister for Justice and Home Affairs, Jane Poole-Wilson MHK, said:
‘The economic and fiscal stability of the Island is key to its future success, as is our ability to continue to be part of the wider world of respected and responsible financial jurisdictions. These crucial updates will play a pivotal role in providing the legislative basis for us to properly combat financial crime, a key aspect of the Island Plan vision of a ‘strong and diverse economy’.’
Submissions can be made on the online consultation hub, other formats or assistance can be requested by emailing GeneralEnquiries.DHA@gov.im or calling +44 1624 694300.
The consultation will close on the 27 March 2025.
