Consultation on the draft Proceeds of Crime Bills 2025

Overview

The Proceeds of Crime Act 2008 ('2008 Act') (opens in a new tab) is the single most important piece of legislation in the Island’s Anti-Money Laundering and Countering the Financing of Terrorism ('AML/CFT') regime. It is based on the England and Wales equivalent, the Proceeds of Crime Act 2002 (an Act of Parliament) (opens in a new tab). However, unlike England and Wales’ version, the Island’s 2008 Act has not been significantly updated to meet changing international standards and creation of new technology and products. In particular for example, the emergence of crypto-assets.

Therefore, the Department, with support from the Cabinet Office, is proposing improvements that might be made to the Island’s 2008 Act, and takes the form of three separate Bills, one a general consistency improvement of the 2008 Act, and the remaining two, targeted amendments relating to key areas of the AML/CFT regime.

It is critical that such improvements are brought forward now, alongside the Cabinet Office’s coordination of the delivery of the Government’s commitment in Our Island Plan, to prepare the Island for its next AML/CFT Mutual Evaluation (opens in a new tab) set to be undertaken by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ('MONEYVAL') (opens in a new tab).

Why your views matter

The Department of Home Affairs is undertaking public consultation on three separate draft Proceeds of Crime Bills, namely the:

• Draft Proceeds of Crime (Miscellaneous Amendments) Bill 2025
   
• Draft Proceeds of Crime (Amendment) (Forfeiture of Money held in Bank and Building Society Accounts) Bill 2025 and
   
• Draft Proceeds of Crime (Amendment) (Unexplained Wealth Orders) Bill 2025

Prior to this consultation, the Cabinet Office has supported the Department by undertaking targeted consultation with all relevant government departments and industry representative groups who were canvassed for any proposed amendments to the 2008 Act.

These suggestions were carefully considered and those identified as suitable for progression were considered by the Financial Crime Strategic Board (opens in a new tab) and included in these draft Bills as the most the appropriate options to be consulted on.

The proposed content of the three draft Bills would bring the Island into closer alignment with the provisions of England and Wales’ Proceeds of Crime Act 2002 (an Act of Parliament) (opens in a new tab).

Reasonable adjustments and alternative formats

The Department is committed to equal opportunities and our aim is to make our documents easy to use and accessible to all.

We will take steps to accommodate any reasonable adjustments and provide such assistance as you may reasonably require to enable you to access or reply to this consultation.

If you would like to receive this document in another format or need assistance with accessing or replying to this consultation, please email GeneralEnquiries.DHA@gov.im or telephone +44 1624 694300.

Responding to this consultation and questions

You can respond to this consultation online by clicking on the 'Online Survey' link below. Alternatively you can download a paper version of this consultation in the 'Related' section below and email it to GeneralEnquiries.DHA@gov.im or post it to:

Department of Home Affairs
FAO Administration and Policy Team
DHA Headquarters Building
Tromode Road,
Douglas,
Isle of Man,
IM2 5PA

If you are responding by email or post then please include the following details:

• Your name
• The address to which we can reply to you (email or postal)
• Whether you are responding for yourself or on behalf of a business or organisation