IoM Amends Anti-Terror Financing Legislation

by Amanda Banks, Tax-News.com, London

28 October 2010

The Isle of Man government has noted the conclusion of a public consultation on new legislation - the draft Anti-Terrorism and Crime (Amendment) Bill 2010 - to govern, among other things, the countering of the financing of terrorism from the island, in line with the territory's ongoing efforts to meet international best standards.

In total eleven responses were received. The government said that as a result of the responses received, two clauses of the Bill are to be amended, as well some minor changes and corrections.

The island’s Home Affairs Minister, Adrian Earnshaw commented following the conclusion of the consultation that:

“I am very grateful for the responses we have received. The consultation enables us to review aspects of the Bill that people have concerns about, and assists us in ensuring new legislation meets our international obligations while remaining appropriate and proportionate for the Isle of Man.”

“The small number of responses received would suggest the majority of people are content with the Bill’s proposals. However, comments made by those who did respond were pertinent and have assisted us in revising certain clauses.”

According to the government, the purpose of the new legislation is to introduce further provisions into the Anti-Terrorism and Crime Act 2003 and the Terrorism (Finance) Act 2009 in order to keep the island’s legislation up to date with developments in terrorism legislation elsewhere. It will also enable the island to comply with international conventions in relation to terrorism and ensure that it meets international standards determined by international bodies such as the International Monetary Fund and the Financial Action Task Force.

It is intended that the Anti-Terrorism and Crime (Amendment) Bill 2010 will go before the House of Keys for its first reading on November 23.

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