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Consultation on draft Money Laundering Codes and associated Order 2013 5 April 2013

On 30 November 2012 the Department of Home Affairs issued for consultation the draft Money Laundering and Terrorist Financing Code and the draft Money Laundering and Terrorist Financing (Online Gambling) Code, together with the draft Proceeds of Crime (Business in the Regulated Sector) Order 2013. This consultation closed on 31 January 2013.

Entities regulated by the Insurance and Pensions Authority are ‘relevant persons’ under the proposed Money Laundering and Terrorist Financing Code 2013 (“the revised Code”) which will, if approved by Tynwald, replace the Proceeds of Crime (Money Laundering) Code 2010 and the Prevention of Terrorist Financing Code 2011.

The revised Code has been amended as a result of the consultation responses received, a summary of which is available below or on the DHA website. That Code, together with Money Laundering and Terrorist Financing (Online Gambling) Code and the Proceeds of Crime (Business in the Regulated Sector) Order will be submitted by the Department of Home Affairs to the April 2013 sitting of Tynwald for approval.

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