In response to a visit in 2016 by Moneyval, the European regional branch of the Financial Action Task Force, the Manx Tynwald has passed a Bill to oblige companies to disclose information about assets under management to the Government.

IoMtoday.com quotes Clare Bettison (member of the House of Keys for Douglas East) as saying that recent amendments "make it absolutely clear that the information to be lodged with the companies registry excludes not only information that can identify an individual, but also information about assets."

Part 2 of the Bill amends the Government's powers to make anti-money-laundering and anti-terrorist-finance codes to 'extend provisions' (i.e. extend AML legal obligations by way of indirect guidance) to include non-regulated trustees and trustees who are not resident in the Isle of Man. Part 3 makes explicit the Government's power to prosecute predicate cases domestically when parts of the offence/s were committed abroad.

The measures will support the efforts of investigators who pursue foreign predicate offending and remove obstacles to prosecution in cases where not all aspects of an offence take place on the isle. Part 3 represents a further development of the principle that no person should be able to escape the legal consequences of unlawful activity, no matter where they transgressed or the extent to which the act or omission occurred partly in one place and partly in another.