Isle of Man News - POSTED Tue 31-01-2017

Fraud legislation will strengthen Island’s reputation

by LC

The Department of Home Affairs is introducing new legislation that will enhance the Isle of Man’s reputation as a responsible international business centre.

The Fraud Bill will provide modern, sophisticated and flexible measures aligned with global standards to combat offences of fraud.

Clare Bettison MHK, political member of the Department, will formally introduce the Bill for first reading in the House of Keys on Tuesday 7 February.

The proposed legislation takes into account the views expressed during a public consultation conducted in 2016. The Department has today, Monday 30 January 2017, published the summary of responses on the Government website.

Current law covering fraud is contained within the Theft Act 1981. The new Bill introduces, for the first time in the Isle of Man, specific legislation to combat fraud and its associated links to offences such as aiding and abetting and conspiracy.

The intention is to provide a clear, straightforward and easily understandable piece of legislation that puts in place similar laws to those of our closest trading partner, the United Kingdom.

The Fraud Bill, which implements a recommendation made by the Public Accounts Committee, sets out each offence in detail along with the associated penalties. This approach should help to reduce the time and expense spent prosecuting such cases through the Isle of Man Courts.

Miss Bettison said: ‘This legislation is aimed at protecting our people and businesses from fraudsters. It will further strengthen the Isle of Man’s status as a centre for high-quality, legitimate business and increase customer confidence in our financial services industry.’

She added: ‘The Department has taken into account feedback from the public and business community and I wish to thank those who responded to the consultation. The Fraud Bill is a logical and positive step in our efforts to support economic growth in line with the aspirations of the Programme for Government.’

 

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