Proposed amendments to the Proceeds of Crime Act 2008 (POCA) and the Anti-Terrorism and Crime Act 2003 (ATCA) in respect of Tipping-off

Closed 11 Apr 2019

Opened 6 Mar 2019

Overview

We are seeking to obtain views on proposed amendments to the Proceeds of Crime Act 2008 and the Anti-Terrorism and Crime Act 2003. These proposed amendments seek to address a number of technical compliance deficiencies and other issues highlighted in the MONEYVAL Mutual Evaluation report of the Isle of Man, pertaining to tipping-off.

Why We Are Consulting

The MONEYVAL Mutual Evaluation Report of the Isle of Man identified that legislation in relation to tipping-off was set too narrowly. Currently tipping-off only occurs in Isle of Man legislation when a disclosure is deemed likely to prejudice an investigation. This is not commensurate with FATF Recommendation 21 – Tipping-Off and Confidentiality, which does not specify that an investigation needs to be underway for tipping-off to take place. 

The Cabinet Office, in consultation with the Financial Intelligence Unit and other relevant authorities, seek to remedy this deficiency by amending the relevant sections of the Proceeds of Crime Act 2008 and the Anti-Terrorism and Crime Act 2003.

What Happens Next

The Cabinet Office, in consultation with the FIU and other relevant authorities, including the Financial Crime Strategic Board, will take into account the feedback from the consultation prior to determining whether the draft Orders require amending.  Any changes made to the Proceeds of Crime Act 2008 and the Anti-Terrorism and Crime Act 2003 by way of an Order are also subject to a two-stage Twynwald procedure.

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