Views sought on updates to laws on financial crime

Proposals have been put forward to modernise laws tackling financial crime on the Isle of Man to include technologies such as crypto and digital assets.

The Department of Home Affairs has launched a consultation on its plans to update the Proceeds of Crime Act 2008 with three draft bills.

Under the proposed changes, it would also be made obligatory to report suspicions of money-laundering to the financial intelligence unit.

Justice and Home Affairs Minister Jane Poole-Wilson said the updates would "play a pivotal role in providing the legislative basis for us to properly combat financial crime".

Another proposed change would see civilian investigators referenced alongside police and customs officers to give law enforcement agencies the "full range of powers to combat financial crime".

The changes also include plans to reduce the period of time for a confiscation order to be made after a defendant has failed to surrender assets, as well as increasing the threshold level for exemption from £250 to £1,000.

The would raise the value below which some transactions can be carried out by certain businesses in operating an account for a customer without committing an offence.

The department said while the existing 2008 legislation was "vital" in tackling money laundering and countering the financing of terrorism, it needed "modernisation to meet changing international standards" and keep up with new technologies.

Poole-Wilson said: "'The economic and fiscal stability of the island is key to its future success, as is our ability to continue to be part of the wider world of respected and responsible financial jurisdictions".

The proposed changes would be covered in the Draft Proceeds of Crime (Miscellaneous Amendments) Bill 2025, Draft Proceeds of Crime (Amendment) (Forfeiture of Money held in Bank and Building Society Accounts) Bill 2025, and Draft Proceeds of Crime (Amendment) (Unexplained Wealth Orders) Bill 2025.

The consultation is available online until 27 March.

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