IoM Seeks To Strengthen Reputation With Anti-Fraud Bill
by Jason Gorringe, Lowtax.net, London
01 February, 2017
The Isle of Man's Department of Home Affairs is introducing new legislation to enhance the island's reputation as a responsible international business center.
The Department says the proposed legislation, contained in the Fraud Bill, is intended to provide modern, sophisticated, and flexible measures aligned with global standards to combat fraud.
The new Bill puts in place similar laws to those of the United Kingdom, and is based on feedback during a public consultation conducted in 2016.
Current law covering fraud is contained in the Theft Act 1981. The new Bill introduces, for the first time in the Isle of Man, specific legislation to combat fraud and its associated links to offenses such as aiding and abetting and conspiracy.
Clare Bettison, who will formally introduce the Bill into the island's legislature, commented: "This legislation is aimed at protecting our people and businesses from fraudsters. It will further strengthen the Isle of Man's status as a center for high-quality, legitimate business and increase customer confidence in our financial services industry."
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