New financial crime laws move closer

Updated laws which would allow the Manx courts to confiscate the proceeds of crime are making their way towards the statute book.

The Proceeds of Crime Bill also seeks to update anti-money laundering legislation, and bring the Isle of Man into line with other jurisdictions.

The bill includes a 'civil forfeiture' scheme, which would make it possible to recover assets bought with illegally-earned cash.

The Bill is being steered through Keys by Treasury member Phil Braidwood, who says it's an important change (audio file attached):

Phil Braidwood (pictured) was speaking to Beth Espey on Agenda.