Isle Of Man Broadens Scope Of Asset Tracing Laws

by Philip Morton, Investors Offshore.com

09 January 2003

Writing in the latest edition of 'International Tracing of Assets', which is compiled by the Institute of Advanced Legal Studies, Douglas-based legal professional, Robert Long recently praised the Isle of Man's determination to hold its own in the international anti-money laundering and terrorist financing initiative.

According to the Isle of Man Online news service, Mr Long drew attention to the the fact that Tynwald has now given a statutory footing to the common law practice of granting free-standing injunctive relief in aid of foreign jurisdictions.

'The new section 56B of the High Court Act which came into force on January 1, 2001, allows the Manx courts to grant interim relief in cases where proceedings have been instigated off-island. There are other means whereby assistance in the tracing of assets can be obtained both in respect of criminal and civil proceedings and investigations,' the news service explained, continuing:

'It is also envisaged that the enforcement of foreign judgements will become wider in scope in terms of the type of judgements and the countries of origin which will be recognised.'

Mr Long observed that the Manx government and legal system have made great efforts to ensure that the jurisdiction is not perceived as a place to which undeclared or otherwise illegal assets can be sent, and to increase the armoury available to prevent this from occurring.

'The Isle of Man is well equipped to assist the international fight on wrongdoing and the strong message has been sent internationally once again that the Isle of Man is not a safe place to hide assets and that those who are guilty of wrongdoing will be brought to justice,' he concluded.

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