Consultation on the proposed Beneficial Ownership (Civil Penalties) Regulations 2022
Feedback updated 25 Apr 2022
We asked
We asked for views and evidence regarding proposed expansion of civil penalties for contraventions of the Beneficial Ownership Act 2017.
You said
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.
We did
If approved by Tynwald, the new civil penalties are expected to come into force on 31 July 2022.
Results updated 25 Apr 2022
Files:
- Consultation Response Beneficial Ownership CP Regs 2022, 378.3 KB (PDF document)
Overview
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.
Why your views matter
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.
What happens next
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.
Areas
- All Areas
Audiences
- All residents
Interests
- Economy
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