ISLE OF MAN: ANTI-MONEY LAUNDERING AND OTHER FINANCIAL CRIME (MISCELLANEOUS AMENDMENTS) ACT 2018

On 20th June, the above Act was added to the Isle of Man Government legislation website.  It received Royal Assent on 19th June.  It introduces new AML requirements relating to unregulated trustees, foundations and other matters.  These amendments are being proposed principally in response to recommendations made by MONEYVAL.  The amendments include those concerned with unregulated trustees and foreign trustees not resident in the Isle of Man; the criminal jurisdiction relating to certain offences; penalties for failing to comply with a requirement to produce information to a competent authority; record- keeping requirements for foundations; and powers of the Registrar of concerning information submitted by, or required from, companies, partnerships, LLC and foundations.

https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/2018/2018-0011/Anti-MoneyLaunderingandOtherFinancialCrimeMiscellaneousAmendmentsAct2018_1.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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