ISLE OF MAN: PROCEEDS OF CRIME ACT (COMPLIANCE WITH INTERNATIONAL STANDARDS) (NO.3) ORDER 2019 AND ANTI-TERRORISM AND CRIME ACT (COMPLIANCE WITH INTERNATIONAL STANDARDS) ORDER 2019

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.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2019-SD-0397.pdf

http://www.tynwald.org.im/business/opqp/sittings/20182021/2019-SD-0398.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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