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Fri, 16 Oct 2020
Feedback is being sought on proposed changes to legislation which aim to protect public authorities in the Island which assist foreign jurisdictions in matters relating to money laundering and other financial crimes, including those linked to financing of terrorism.
A consultation exercise has been launched by the Cabinet Office and asks for people’s views on the International Co-operation (Protection from Liability) Bill 2020.
The proposed changes reflect the Isle of Man’s position as an international business centre and aim to strengthen its reputation as a co-operative jurisdiction.
Specifically, the Bill looks to protect public authorities in the Isle of Man against claims for costs, damages or consequential losses when acting in matters of international assistance at the request of foreign jurisdictions.
If approved, a complainant in an international co-operation case would be required to prove that the Manx authority acted in bad faith before being entitled to recover compensation or costs.
The consultation can be found by visiting the Isle of Man Government’s online consultation hub at https://consult.gov.im/
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