We asked for views and evidence regarding proposed expansion of civil penalties for contraventions of the Beneficial Ownership Act 2017.
We received twelve responses. Five of the respondents gave feedback about the level of the penalties, three felt the penalties were too low to be dissuasive and two felt the penalties were too harsh and should be reduced.
The main comments received, and the Authority’s views on those comments can be found in the consultation response document attached.
If approved by Tynwald, the new civil penalties are expected to come into force on 31 July 2022.
The Authority intends to broaden the scope of contraventions and offences for which a civil penalty can be considered, including those where currently only criminal sanctions are available.
The purpose of this consultation is to gather views and evidence from which an informed decision will be made on the content of the draft legislation.
Following the closure of the consultation period, the Authority will publish a summary of the comments received, which will be accessible through the Authority’s website and the Isle of Man Government’s Consultation Hub.
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