Isle Of Man / Ellan Vannin

Isle of Man moves to improve laws against laundering

The Isle of Man government is planning to improve its legal defences against money laundering.

The move could mean all companies registered on the island under the 1931 Companies Act will be forced to have a local resident agent.

Currently only companies registered under the 2006 Companies Act were asked to do so.

Treasury Minister Anne Craine said it is an issue which has been raised by the International Monetary Fund (IMF).

She added: "It is clearly in the best interests of the Island's economy and our reputation internationally that we maintain high regulatory standards as recognised by bodies such as the IMF".

The government believes the current inconsistencies are a risk to the island's international reputation.

A public consultation, which can be found on the Treasury website, has been launched on the proposals.

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