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IoM Strengthens Anti-Money Laundering Law

by Jason Gorringe, Lowtax.net, London
26 June, 2018

The Isle of Man Government has announced the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Act 2018 has received Royal Assent and is now law.

The Government says the new law strengthens the island's anti-money laundering and countering the financing of terrorism (AML/CTF) regime, helping the territory to preserve the territory's reputation as a responsible and well-regulated international business center. The legislation is in response to recommendations made by the Council of Europe's Committee of AML/CTF experts, known as MONEYVAL.

It provides for the introduction of new codes of conduct for foreign trustees and unregulated trustees who are resident in the Isle of Man. There are also 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.

Financial sanctions have been increased for failing to grant law enforcement authorities timely access to information. It also makes it clear that where parts of a dishonesty offense such as theft or forgery are committed overseas, the cases can be prosecuted in a Manx court.

Chief Minister Howard Quayle commented: "The Isle of Man takes its responsibilities as an international business center 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."

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