Anti-money laundering and other financial crime (Miscellaneous Amendments) Bill 2017

Closed 5 Feb 2018

Opened 18 Dec 2017

Feedback Updated 13 Mar 2018

We Asked

The Cabinet Office asked for feedback on proposed changes to the Isle of Man’s antiĀ­-money laundering and other financial crime legislation between 18 December 2017 and 5 February 2018. These changes were included in a draft Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Bill 2017 and accompanying draft Anti-Money Laundering and Countering the Financing of Terrorism (Unregulated Trustees) Code 2017.

You Said

The consultation attracted 18 responses in total; 12 by email or post and 6 online. There were a number of categories of respondent, including businesses, industry associations, local authorities and individuals, in addition to a Government Department and a charity. 14 respondents provided comments and 4 respondents made no comments.

We Did

The Cabinet Office has considered all of the comments and suggestions received. A paper providing full details of the consultation feedback, and the Cabinet Office’s responses has been published on the Isle of Man Government’s Consultation Hub. 10 consultation responses have been published in full or anonymously, where such permissions have been given by respondents. As a result of the consultation, some parts of the Bill and the Code have been amended. The revised Bill is due to be introduced into the House of Keys on 6 March 2018.

Legislative Updates:

First Reading – House of Keys 6 March 2018

Second Reading - House of Keys 13 March 2018

 

Published Responses

View submitted responses where consent has been given to publish the response.

Overview

This consultation is about proposed changes to antiĀ­-money 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. 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 changes deal with:

  • 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

Why We Are Consulting

We are consulting in order to provide an opportunity for the financial services industry, relevant non-financial services and members of the public, in particular those who act as trustees, to submit their views concerning some important measures.

Most of the proposed changes have been identified following the assessment of the Isle of Man by MONEYVAL. The Isle of Man is a member of MONEYVAL which is a committee of the Council of Europe. Part of its role is to undertake evaluations of members against international standards for anti-money laundering and combatting the financing of terrorism. The Isle of Man was assessed in 2016. Please see a copy of the report to read more.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Business owner
  • Other non-resident - business interests

Interests

  • Legislation
  • Policies, strategies & plans
  • Finance
  • Business