ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (UNREGULATED DOMESTIC TRUSTEES) CODE 2018

This Code is on the Order paper for the July sitting of Tynwald, the parliament of the Isle of Man.  It is made under powers in the Proceeds of Crime Act 2008 and Terrorism and Other Crime (Financial Restrictions) Act 2014 and contains provisions to prevent money laundering and the financing of terrorism by unregulated domestic trustees.   Failure to comply with the requirements of this Code would be an offence.   An unregulated domestic trustee is defined in the Code as being means a trustee of an express trust that is governed by or otherwise subject to the law of the Island and who is resident on the Island;  is not (and is not required to be) the holder of a licence issued under the Financial Services Act 2008 which permits the holder to carry on the regulated activity  of providing trust services; and who is not already required to comply with the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015.  Like much else in recent changes to Island legislation and processes, this Code follows the national risk assessment and MONEYVAL evaluation and their follow-up.

http://www.tynwald.org.im/business/opqp/sittings/Tynwald%2020162018/2018-SD-0191.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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