Money laundering consultation launched

A public consultation on proposals to further strengthen the Island\'s defences against money laundering and other financial crime has been launched.

A public consultation on proposals to further strengthen the Island's defences against money laundering and other financial crime has been launched.

The Treasury is proposing to introduce a requirement that all companies registered under the 1931 Companies Act appoint a local resident agent, at the moment only those registered under the 2006 Companies Act need this.

In the case of locally owned companies it could simply mean nominating an existing officer or shareholder of the company as the resident agent, at no extra cost to the business.

Minister Anne Craine said; 'It's an issue that has been raised by the International Monetary Fund.'

The consultation paper can be found at

http://www.gov.im/treasury/ConsultationDetail.gov?id=250 and

http://www.gov.im/ded/ConsultationDetail.gov?id=249