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Isle of Man launches consultation on anti-money laundering requirements

19/01/2018 News Team

Isle of Man (IOM) has launched a consultation on proposed changes to anti­money laundering and other financial crime legislation. 

 The proposed bill seeks to introduce new anti-money laundering requirements relating to unregulated trustees, foundations and other matters, including:

- Unregulated IOM trustees and foreign trustees not resident in the Isle of Man

- Criminal jurisdiction relating to certain offences

- Penalties for failing to comply with a requirement to produce information to a competent authority

- Gambling decisions subject to appeal

- Record keeping requirements for foundations

- Powers of the Registrar of the Department for Enterprise concerning the information submitted by companies for registration

These amendments are being proposed principally in response to recommendations made by MONEYVAL, which undertook an international assessment of the Isle of Man in 2016.

The consultation closes on 5 February 2018.

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