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Money Laundering Problem Combatted

New Law Introduced to Prevent Cases Of Money Laundering

Steps have been taken to try and combat money laundering in the Isle of Man.

 

The Proceeds of Crime Act 2008 is to be fully introduced to the Island by 1st August, with an initial staggered introduction.

 

The new legislation will mean that confiscation and restraint orders can be issued and deemsters can issue search and seizure warrants.

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