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IoM Anti-Fraud Law Takes Effect Next Month

by Jason Gorringe, Lowtax.net, London
06 October, 2017

The Isle of Man's new anti-fraud legislation takes effect from next month.

The new legislation, contained in the Fraud Act 2017, is intended to enhance the Isle of Man's reputation as a responsible international business center by bringing its anti-fraud law into line with global standards.

The legislation modernizes the measures available to combat fraud, as well as offences associated with fraud such as aiding, abetting, and conspiracy.

Home Affairs Minister Bill Malarkey said: "We want to raise awareness of the new legislation, which is intended to protect members of the public and businesses from fraudsters. The Act comes into operation on November 1, 2017, and puts in place similar laws to those of the UK."

He added: "The introduction of modern laws to combat fraud will further strengthen the Isle of Man's status as a center for high-quality business and increase customer confidence in our financial services industry."

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