Isle of Man gets tough on fraud with new legislation

New legislation by the Isle of Man to combat fraud in the jurisdiction comes into effect on 1 November and will boost its credentials for modernising and enhancing conduct of business, the Home Affairs Minister has said. 

Bill Malarkey, pictured left, said that the Fraud Act 2017 was legislation that stood as an example of “modern laws” that boost the island’s reputation and standing internationally.

As well as specific clauses to combat fraud, the Act addresses associated links to offences such as aiding and abetting and conspiracy.

“We want to raise awareness of the new legislation, which is intended to protect members of the public and businesses from fraudsters,” said Malarkey.

He said that the new laws will bring the island into line with the UK on preventative measures to combat fraud, adding “the introduction of modern laws to combat fraud will further strengthen the Isle of Man’s status as a centre for high-quality business and increase customer confidence in our financial services industry.”

The Isle of Man was chosen by an independent panel of judges as Best International Finance Centre at last night’s 18th annual International Investment International Fund & Product Awards 2017 at a ceremony at the Millennium Mayfair Hotel in London’s Grosvenor Square.

The Isle of Man is carrying out a consultation regarding proposed updates to the Corporate Governance Code of Practice for Regulated Insurance Entities (CGC), with a deadline for submissions of 27 October.

Eugene Costello
Eugene Costello has been a journalist for some 20 years, and has written for a wide variety of UK and international newspapers and magazines.

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