On 1 February 2022, IOM FSA, IOM GVT issued beneficial ownership proposals.
- IOM GVT published a consultation on the proposed new Civil Penalties Regulations.
Overview
- Feedback sought on measures to encourage compliance with beneficial ownership law.
- Broadens scope of Beneficial Ownership Act 2017 contraventions for which civil penalty can be considered, including where currently only criminal penalties are available.
- This will strengthen IOM FSA’s ability to deal with offenses in an effective manner.
- Enforcement critical to safeguarding Isle of Man’s reputation; supports objectives of maintaining confidence in financial services sector and reducing financial crime.
Effectiveness
- Responses to the consultation should be submitted by 28 February 2022.
