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Island taking steps to tackle financial crime

Tynwald will be asked to approve changes next month

The Isle of Man is taking steps to strengthen its armoury against financial crime.

Tynwald will be asked to approve changes to the Beneficial Ownership Act 2017 at next month's sitting.

The move will fulfil a commitment made in 2019, alongside other Crown Dependencies, to grant full access by the end of 2022 for the purpose of customer due diligence checks.

Treasury Minister, Alex Allinson says the amendments within the order are designed to demonstrate the Island takes seriously both its commitment to fighting financial crime as well as its responsibilities on the international stage.

The changes have been made in consultation with Guernsey and Jersey and - if approved - will be in place by the end of the year.

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