ORDERS IN ISLE OF MAN DEAL WITH CIVIL PENALTIES AND INVESTIGATION POWERS FOR FSA IN AML/CFT MATTERS

Another 2 Orders on the May Order Paper for Tynwald in the Isle of Man are drafts that will permit the FSA to impose civil penalties for breach of the relevant AML/CFT Code.  In addition, an amendment being made will provide that the FSA is responsible for conducting investigations into any potential liability for a breach of AML/CFT legislation, whether criminal or civil.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2019-SD-0206.pdf

http://www.tynwald.org.im/business/opqp/sittings/20182021/2019-SD-0205.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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