On the Order Paper for the November sitting of the Isle of Man’s parliament, the first Order is intended to amend the Island’s law to align its tipping-off legislation so that it is commensurate with the FATF Recommendation 21 (Tipping-Off and Confidentiality) and to make explicit the offence of tipping off found within section 145 of POCA 2008. In this context, “tipping off” refers to the act of divulging that a matter has been disclosed (either to the FIU or a nominated person) suggesting that a money laundering offence under Part 3 of POCA 2008 has been committed. This was an issue identified in MONEYVAL’s Mutual Evaluation Report of the Island (and in a preceding 2009 IMF report). Other amendments made by the Order are intended to assist with the legitimate disclosure of information within group companies and financial institutions, to allow proper liaison within the sectors when suspicions are held to provide for voluntary information sharing, to meet CDD obligations.
The second Order makes corresponding changes in respect of the Anti-Terrorism and Crime Act 2003.
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