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The new anti-money laundering law of the Island of Man

Jul 10, 2018

Government of the Isle of Man recently announced that Royal Assent was granted to the Anti-Money Laundering and Other Financial Crime Act 2018. This actually means that it is an official AML/CFT law from now on. This was an expected development in mind of the recent trend of updates in the field of Anti-Money Laundering Law.

The Isle of Man is a well-regulated and developed international business center and the new law will help to preserve its respectful status. The IOM Government stated that the new law will enhance its anti-money laundering and countering the financing of terrorism (AML/CTF) regime.

It is also worth noting, that the new legislation is prepared in accordance with recommendations made by the Council of Europe's Committee of AML/CTF experts, generally known as MONEYVAL. With implementation of the new law, upgraded codes of conduct will be applicable to foreign trustees and unregulated trustees who are resident of the IOM.

There were also introduced 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 national Registry.

One of the most important changes was the increase of financial sanctions for failing to grant law enforcement authorities access to information in a timely manner. It also makes it clear that cases can be prosecuted in a Manx court, even where parts of fraud crimes such as theft or forgery were committed outside of the IOM.

Chief Minister Howard Quayle said that Anti-Money Laundering and Other Financial Crime Act 2018 is further evidence of the countries commitment to implement changes recommended by MONEYVAL. In conclusion, bearing in mind all of the above-mentioned changes and aspects of the new Anti-Money Laundering Law, it should be regarded as a very positive development.

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