Isle of Man: New proposals to fight money laundering
20 Dec 2017

Isle of Man Today

The government is planning to pass a law to bolster the fight against money laundering.

Feedback is now being sought on the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Bill 2017, which the government says is aimed to strengthen the Isle of Man’s reputation as a ’responsible and well-regulated international business centre’.

The Cabinet Office launched a public consultation on behalf of the Department of Home Affairs.

The proposed changes will enhance the Isle of Man’s compliance with global standards on anti-money laundering and countering the financing of terrorism.

The Bill also acts on the recommendations made by Moneyval to ’strengthen the regulatory framework and further protect the Isle of Man from financial crime’.

Clare Bettison MHK, political member for Home Affairs, said: ’The Isle of Man takes its responsibilities as an international business centre very seriously.

Photo by Ahisgett

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