ISLE OF MAN: BENEFICIAL OWNERSHIP (CIVIL PENALTIES) REGULATIONS 2018

The Agenda for the January sitting of Tynwald in the Isle of Man includes these Regulations which will enable the FSA to impose civil penalties where a person has contravened certain provisions of the Beneficial Ownership Act 2017.  A £5,000 penalty will be available where there is a failure to disclose beneficial ownership information on receipt of a notice to do so; or in knowingly or recklessly providing information that is false or misleading in a material particular.  A 30% reduction is possible where the person remedies the contravention and pays the civil penalty in full within 14 days of notice of the penalty.  The Act already provides for criminal penalties for certain offences under the Act.  The Regulations have effect from 1st February.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2018-SD-0310.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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s