DOCSLIB.ORG

It Is the Policy of the Isle of Man Government to Maintain

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
It Is the Policy of the Isle of Man Government to Maintain Explanatory Memorandum for Tynwald Members Issued by the Treasury To The Hon Stephen Rodan MLC, President of Tynwald and the Hon Council and Keys in Tynwald assembled Tynwald – June 2021 1. TITLE OF MEASURE The Global Anti-Corruption Sanctions (Isle of Man) Order 2021 2. CHANGES IN POLICY The Isle of Man Government’s policy in relation to sanctions: “It is the policy of the Isle of Man Government to maintain the implementation of international sanctions measures in the Isle of Man in line with such measures as have effect in the United Kingdom from time to time.” The policy was revised in July 2019 in part to align more closely with United Kingdom policy on sanctions, as a consequence of the United Kingdom’s departure from the European Union. 3. EFFECTS OF THE MEASURES The Global Anti-Corruption Sanctions (Isle of Man) Order 2021 (of UK Parliament), an Order in Council (the “modified Regulations”), extends, with modifications, the Global Anti-Corruption Sanctions Regulations 2021 (of UK Parliament) (“the Global Anti- corruption Regulations”) to the Isle of Man as amended from time to time, along with 3 specific sections of the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”) so that the Global Anti-corruption Regulations operate correctly in the Isle of Man context. The Global Anti-Corruption Regulations were made under Part 1 of the Sanctions Act to establish a sanctions regime for the purpose of preventing and combatting serious corruption. The Global Anti-Corruption Regulations, as modified and extended to the Isle of Man by this Order (“the modified Regulations”), provide that a person designated by the Secretary of State for being, or having been, involved in such activities, is a designated person for the purposes of the modified Regulations. Designated persons may be 1 Explanatory Memorandum for Tynwald Members excluded from the Isle of Man and may be made subject to financial sanctions, including having their funds or economic resources frozen. The modified Regulations provide for certain exceptions to this sanctions regime (for example to allow for frozen accounts to be credited with interest or other earnings and to allow acts done for the purpose of national security or the prevention of serious crime). The Isle of Man Treasury may issue a licence in respect of activities that would otherwise be prohibited under the modified Regulations. Schedule 2 sets out the purposes pursuant to which the Treasury may issue such licences. The modified Regulations also require the Treasury to publish an up-to-date list of designated persons. The modified Regulations prescribe powers for the provision and sharing of information to enable the effective implementation and enforcement of the sanctions regime. The modified Regulations make it a criminal offence to contravene, or circumvent, any of the prohibitions in the modified Regulations and prescribe the mode of trial and penalties that apply to such offences. This Order also extends to the Isle of Man for the purposes of the modified Regulations specific provisions of Part 1 of the Sanctions Act, namely provisions relating to guidance about prohibitions and requirements, protection for acts done for purposes of compliance and saving for prerogative powers. 4. REASONS FOR THE MEASURES Following the departure of the United Kingdom from the European Union, financial and trade sanctions are implemented in the United Kingdom by Regulations under the Sanctions and Anti-Money Laundering Act 2018. The Isle of Man Government policy in relation to sanctions is: “It is the policy of the Isle of Man Government to maintain the implementation of international sanctions measures in the Isle of Man in line with such measures as have effect in the United Kingdom from time to time.” In the Isle of Man, EU sanctions law which had been applied to the Island under the European Communities (Isle of Man) Act 1973, was replaced by UK Regulations applied to the Island under the European Union and Trade Act 2019 (“EUTA2019”). There are, however, restrictions to the use of application provisions under the EUTA2019, which means that this provision can only be used where it relates to Brexit. Therefore, in order to ensure that the Isle of Man maintains alignment with the 2 Explanatory Memorandum for Tynwald Members United Kingdom on sanctions measures, the only current legislative option available is the extension of United Kingdom Regulations to the Island by an Order in Council made under the Sanctions and Anti-Money Laundering Act 2018. This type of legislation has been used previously in relation to sanctions concerning global human rights. 5. RESOURCE IMPLICATIONS There are thought to be no resource implications arising directly from these Regulations. New guidance has been published in relation to the Global Anti-Corruption Sanctions and is available on the Customs and Excise website. 6. TYNWALD PROCEDURE The power to make the IOM Order is contained in section 63 of the Sanctions and Anti-Money Laundering Act 2018 (an Act of the United Kingdom Parliament). Manx law does not currently have any legal vires to make corresponding legislation relating to new sanctions regimes introduced by the United Kingdom. Section 19 of the European Union and Trade Act 2019 contains provision to apply UK legislation which relates to the UK’s withdrawal from the EU, but as the Global Anti- Corruption Regulations are not related to the withdrawal of the UK from the EU, this section cannot be used to apply the Global Anti-Corruption Regulations to the Island using Manx law. In July 2018 Tynwald approved the following Motion that was moved by the Treasury Minister: “That Her Majesty be requested to direct by Order in Council that the provisions of Part 1 and Part 3 of the Sanctions and Anti-Money Laundering Act 2018 (an Act of the United Kingdom Parliament) and any regulations under Part 1 of that Act (whether made before or after the making of the Order in Council) shall extend to the Isle of Man with such modifications as appropriate.” The IOM Order has been vetted by the Attorney General’s Chambers following the normal process and liaison with the UK’s Foreign and Commonwealth Office. 3 .
Load more

Recommended publications
  • Doing Business in the Isle of Man
    DOING BUSINESS IN THE ISLE OF MAN CONTENTS 1 – Introduction 3 2 – Business environment 4 3 – Foreign Investment 7 4 – Setting up a Business 8 5 – Labour 13 6 – Taxation 16 7 – Accounting & reporting 21 8 – UHY Representation in the Isle of Man 23 DOING BUSINESS IN THE ISLE OF MAN 3 1 – INTRODUCTION UHY is an international organisation providing accountancy, business management and consultancy services through financial business centres in over 100 countries throughout the world. Member firms work together through the network to conduct transnational operations for clients as well as offering specialist knowledge and experience within their own national borders. Global specialists in various industry and market sectors are also available for consultation. This detailed report providing key issues and information for users considering business operations in the Isle of Man has been provided by the office of UHY representatives: UHY CROSSLEYS LLC PO Box 1 Portland House Station Road Ballasalla Isle of Man, IM99 6AB British Isles Phone +44 (0) 1624 822816 Website www.crossleys.com Email [email protected] You are welcome to contact Andrew Pennington ([email protected]) or Nigel Rotheroe ([email protected]) for any enquiries you may have. Information in the following pages has been updated so that it is effective at the date shown, but inevitably it is both general and subject to change and should be used for guidance only. For specific matters, users are strongly advised to obtain further information and take professional advice before making any decisions. This publication is current at August 2021. We look forward to helping you do business in the Isle of Man.
    [Show full text]
  • Bank (Recovery and Resolution) Bill 2020
    Bank (Recovery and Resolution) Bill 2020 Consultation Yn Tashtey Treasury November 2019 Contents 1. Executive summary………………………………………………………………………….. 3 2. Introduction and background……………………………………………………………. 4 3. International Standards and implementation approaches…………………….. 4 4. Current Isle of Man position……………………………………………………………… 4 5. Overview of the draft Bill…………….……………………………………………………. 5 6. Feedback on the draft Bill…………..……………………..…………………………….. 10 7. Response Process …………………….…………………………………………………….. 11 2 1. Executive summary What is this Consultation Paper about? Following the Global Financial Crisis which erupted in 2007, various governments and international standard setting agencies have made significant advances in developing the legal, policy and operational frameworks necessary to ensure that future bank failures i) take place in an orderly fashion and ii) impose costs on the creditors and shareholders of the failed firm (through ‘bail-in’), as opposed to imposing costs on taxpayers (through ‘bail-out’). The Financial Stability Board has articulated a set of ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’1, endorsed by the G20 Governments, which have since informed the development of Bank Recovery and Resolution (‘BRR’) regimes in many countries. The aims of a BRR regime are to ensure the continuation of critical banking functions, to protect covered depositors and client assets, to avoid negative effects on financial and economic stability and to minimise reliance on public financial support to failing
    [Show full text]
  • HOUSE of KEYS Y Chiare As Feed
    PP 2020/0047 HOUSE OF KEYS Y Chiare as Feed 12th March 2020 Nomination papers laid before the House of Keys Pursuant to the Order of the House I have laid the attached papers before the House of Keys on the above date. They consist of the nominations, received by email, and attached papers. i / 12th March 2020 Roger PHILLIPS Secretary of the House of Keys Mr. Martyn Perkins, MHK, Legislative Buildings Finch Road Douglas Isle of Man IM1 3PW 30th of January 2020 Mr. Roger Phillips Secretary to the House of Keys The Clerk of Tynwald’s Office Legislative Buildings Finch Road Douglas Isle of Man IM1 3PW Dear Roger – re - Nomination for The Legislative Council Election – 12th of March 2020 Mr. Robert William (Bill) Henderson I wish to propose and nominate Mr. R. W. Henderson of[Address redacted] Isle of Man, Member of the Legislative Council and Tynwald for a position on the Legislative Council in the forthcoming Legislative Council Elections on the 12th of March 2020. I attach his CV/ Introduction document which ably demonstrates why I consider him to be a worthy candidate. The Honourable Member Mr. A. L. Cannan MHK has agreed to second Mr. Henderson and The Honourable Members Mr. Howard Quayle MHK and Mr. Tim Baker MHK have agreed to support the nomination. Mr. Henderson’s contact details are – phone – [Contact details redacted] . Mr. Henderson was born and educated on the Island. He was a long standing Member of the House of Keys, Tynwald and latterly the Legislative Council up until the 29th February 2020.
    [Show full text]
  • Detailed Government Accounts – Year Ended 31 March 2017
    GD 2017/0024 DETAILED GOVERNMENT ACCOUNTS 2016/17 www.gov.im Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 DETAILED ACCOUNTS For the Year Ended 31st March 2017 LAID BEFORE TYNWALD BY THE TREASURY Page 1 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 CONTENTS 1. Foreword by The Minister ............................................................................. 4 2. Introduction .................................................................................................. 5 3. Financial Highlights ....................................................................................... 6 3.1. Government Revenue ........................................................................................... 6 3.2. Government Capital .............................................................................................. 7 3.3. Reserves Summary ............................................................................................... 8 3.4. Balance Sheet ...................................................................................................... 9 4. Accounting Policies ..................................................................................... 10 5. General Revenue Account ........................................................................... 13 6. Accounts of the Consolidated Loans Fund (CLF)......................................... 22 7. Detail by Departments, Boards and Offices ................................................ 32 7.1. Department of Economic
    [Show full text]
  • Invest with Your Head and Your Heart
    www.business365iom.co.uk | JULY 2020 ISSUE INVEST WITH YOUR HEAD AND YOUR HEART How RL360 is championing responsible investing For life’s financial journey www.rl360.com RL360 is part of COVID19 CASTLE MONA B365 FEATURE: HOUSEHOLD RESTORATION WELLNESS AT WORK INCOME SURVEY PLANS It’s a topic that many companies have started taking seriously. The reasons aren’t entirely A survey has been launched by Isle of Man Tevir Group has submitted plans for the first altruistic though, because – in purely financial Government Economic Affairs Division, phase of the restoration of the Castle Mona terms – looking after the health and wellbeing to help further understand the impacts of Hotel. The proposed works are detailed within of staff increases efficiency and improves staff the coronavirus (COVID-19) pandemic on three planning applications and three registered retention. people in the Isle of Man. building applications. THE ISLE OF MAN’S ONLY DEDICATED BUSINESS MAGAZINE NEWS | COMMENT | INSIGHT | PEOPLE | MOVEMENTS | FEATURES | TECHNOLOGY | HEALTH ProtectProtect youryour businessbusiness Secure offshore email, archiving & security awareness training services Inside your organisation Educate employees to recognise threats and use best practice security policies with effective online security training programs. At your perimeter Protection from inbound phishing, malware and spam attacks whether in the office, at home or mobile. Contact Us business.sure.com July CORONAVIRUS HOUSEHOLD IMPACT 5 SURVEY LAUNCHED A comprehensive round-up of the latest business news ProtectProtect youryour covering all sectors within the Isle of Man’s diverse and FIRST LOOK AT CASTLE MONA dynamic business environment. 6 RESTORATION PLANS PDMS ENHANCES MARITIME Expert comment from leading figures within the 10 EXPERIENCE businessbusiness business community, on a variety of topical issues across a range of sectors.
    [Show full text]
  • Report of Proceedings of Tynwald Court
    Printed (by Authority) by CORRIE Ltd., 48 Bucks Road, Douglas, Isle of Man REPORT OF PROCEEDINGS OF TYNWALD COURT DOUGLAS, Tuesday, 21st January, 1986 at 10.30 a.m. Present: The Lieutenant-Governor (His Excellency Major General Laurence New, C.B.E.) In the Council: The President of the Council (the Hon. J.C.Nivison, C.B.E.), the Lord Bishop (the Rt. Rev. Arthur Henry Attwell), the Attorney-General (Mr. T.W. Cain), Messrs. A.A. Callin, Mrs. B.Q. Hanson, Mr. E.G. Lowey, Dr. E.J. Mann, Messrs. J.N. Radcliffe and E.M. Ward, B.E.M., with Mr. T.A. Bavvden, Clerk of the Council. In the Keys: The Acting Speaker (Mr. G.V.H. Kneale), Messrs. W.K. Quirk, W.A. Gilbey, J.D.Q. Cannan, Mrs. C.M. Christian, Messrs. S.L. Morrey, J.H. Kneale, D.G. Maddrell, R.A. Payne, P. Karran, M.R. Walker, N.Q. Cringle, C.H. Faragher, Dr. D.L. Moore, Messrs. C.A. Cain, A.R. Bell, E.C. Irving, C.B.E., A.C. Duggan, D.C. Cretney, D.F.K. Delaney, D. Martin, J.A. Brown, with Mr. R.B.M. Quayle, Clerk of Tynwald. The Lord Bishop took the prayers. APOLOGIES FOR ABSENCE The Governor: Hon. members, we have a number of apologies for absence this morning: First, from Mr. Speaker, who is making good progress and hopes to be back in time for the meeting of the House of Keys next week, from Mr. Anderson, who is now out of hospital and recuperating at home, and Mr.
    [Show full text]
  • Final Report Formatted
    THE PROSPECTS FOR OFFSHORE FINANCIAL CENTRES IN EUROPE MATTIAS LEVIN CEPS RESEARCH REPORT AUGUST 2002 The Centre for European Policy Studies (CEPS) is an independent policy research institute in Brussels. Its mission is to produce sound policy research leading to constructive solutions to the challenges facing Europe. As a research institute, CEPS takes no position on matters of policy. The views expressed are entirely those of the author. Mattias Levin is a Research Fellow at CEPS and a specialist in the area of banking and financial markets in the European Union. The author wishes to acknowledge the valuable input he received in the context of two other projects: a high-level workshop in Liechtenstein on offshore financial centres in November 2001 and a study mission to Madeira with his colleague Wolfgang Hager, also in November 2001. He would also like to thank Prince Nikolaus of Liechtenstein, Stefano Catelani of Du Pont and Karel Lannoo, CEPS CEO, for their constructive comments on earlier drafts of this report. All opinions and any remaining errors, however, are the author’s alone. ISBN 92-9079-382-1 © Copyright 2002, Centre for European Policy Studies. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical, photocopying, recording or otherwise – without the prior permission of the Centre for European Policy Studies. Centre for European Policy Studies Place du Congrès 1, B-1000 Brussels Tel: 32(0)2 229.39.11 Fax: 32(0)2 219.41.51 E-mail: [email protected] Website: http://www.ceps.be CONTENTS EXECUTIVE SUMMARY ........................................................................................................I INTRODUCTION ...................................................................................................................1 1.
    [Show full text]
  • Legislative Council Elections Bill Was One of Only Two Items to Pass Through Both Branches and Be Promulgated on Tynwald Hill Within the Same Year
    Tynwald Annual Report Parliamentary year 2016/2017 We hope you will find this report useful. If you would like to comment on any aspect of it, please contact: The Clerk of Tynwald Office of the Clerk of Tynwald Legislative Buildings Finch Road Douglas Isle of Man IM1 3PW Get in touch Twitter : @tynwaldinfo Telephone: +44 (0)1624 685500 Email: [email protected] An electronic copy of this report can be found at: www.tynwald.org.im © Office of the Clerk of Tynwald Copyright 2017 The text of this document may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading or derogatory context. The material must be acknowledged as copyright of the Office of the Clerk of Tynwald and the title of the document specified. PP 2017/0145 2 Tynwald Annual Report 2016/2017 Contents Foreword by the Presiding Officers 4 1867 Celebrations 6 Changes in Political Membership 8 The Work of the Legislature 10 Tynwald Day 18 Interparliamentary Engagement 26 Education and Outreach 34 The Clerk of Tynwald’s Office 42 Appendix 48 3 PRESIDENT OF TYNWALD The Hon Stephen Charles Rodan BSc (Hons) MRPharmS MLC SPEAKER OF THE HOUSE OF KEYS The Hon Juan Paul Watterson BA FCA CMgr FCMI SHK foreword 4 Tynwald Annual Report 2016/2017 Welcome to the Tynwald Annual Report 2016/7 2016 saw the 150th anniversary of the House of Keys Elections Act 1866. In 2017 we celebrated the 150th anniversary of the first elections which took place under that Act, with polling taking place in the first week of April 1867.
    [Show full text]
  • Isle of Man Private Wealth Report 2020/21 Contents Foreword Welcome to the Isle of Man Private Wealth Report 2020/21
    Isle of Man Private Wealth Report 2020/21 Contents Foreword Welcome to the Isle of Man Private Wealth Report 2020/21 Foreword 3 Section two: Appendix Dear Reader, Private Wealth Themes I About the Author 72 We are delighted to present this Isle of Man Private Wealth Report Executive Summary 4 2.1 Isle of Man Real Estate 26 II Research Methodology 73 2020/21. A total of 41 Isle of Man based individuals participated in 2.2 Living in Isle of Man 28 III Sponsors 74 the independent research study, comprising 16 private clients (HNWs, UHNWs, HVRs, entrepreneurs) and 25 private wealth professionals Section one: 2.3 Isle of Man Private Clients 32 IV Useful Websites 74 (trustees, investment managers, family office professionals, private Isle of Man 2.4 Relationships, Trust V Disclaimer 75 bankers, insurance brokers, estate agents, lawyers, tax advisers). All and Loyalty 36 1.1 Isle of Man - A Brief History 6 have taken part in qualitative interviews, sharing their expert views 2.5 Investment Management 40 1.2 Isle of Man - Photo credit: Finance Isle of Man and experiences on the Isle of Man private wealth sector. The Island 8 2.6 Life and Pensions 44 In section one, we set the backdrop to the Isle of Man and its private 1.3 Isle of Man - 2.7 Trust and Corporate wealth sector, including its history; Island life; population; and The Population 10 Services 46 international finance centre. We include details of the Isle of Man 1.4 Isle of Man - 2.8 Aviation and Yachting 50 Financial Services Authority; Finance Isle of Man; private wealth in The International 2.9 Digital 52 numbers and relocating to Isle of Man.
    [Show full text]
  • Annual Report 2010/2011 Regulatory Objectives
    Isle of Man Financial Supervision Commission Annual Report 2010/2011 Regulatory Objectives The Commission’s regulatory objectives are to: . secure an appropriate degree of protection for the customers of persons carrying on a regulated activity, . reduce financial crime, and . support the Island’s economy and its development as an international financial centre. The Commissioners Rosemary Penn MBE (Chairman) John Aspden (Chief Executive) John Cashen OBE (Deputy Chairman) Tim Cullen Bryan Stott Geoff Karran MBE Alan Smith 2 Contents Chief Executive’s Report 4 06 Policy Development 32 01 Market Developments 07 Operations Finance and administration 36 International financial markets & the global economy 6 Human resources 37 Isle of Man economy 8 Learning and development 38 Market statistics 9 Information technology 39 02 The Commission: Organisation Appendices and Corporate Governance Appendix A – Financial Supervision Commission Organisation of the Commission 12 and its Functions 40 Corporate governance and risk management 14 Appendix B – Membership of the Financial External communication 15 Supervision Commission 41 Complaints against the Commission 15 Appendix C – Organisation Chart 42 Appendix D – How the Commission operates 44 03 Corporate Business Plan 16 Appendix E – Summary of Licences and Authorisations 46 04 Regulatory Approach Appendix F – Statement of Responsibilities in respect of the Chief Executive’s report 47 Authorisations 17 Report and the accounts of the Supervision 18 Independent Auditors 48 Supervisory approach 19 Appendix
    [Show full text]
  • ANNUAL REPORT 2019/20 the Isle of Man Has a Reputation As a Strong and Stable Jurisdiction That Is Built on Strong Foundations
    ANNUAL REPORT 2019/20 The Isle of Man has a reputation as a strong and stable jurisdiction that is built on strong foundations. Our main pictures reflect this theme, depicting key locations as they were in history and as they are now. At the time of our financial year-end all of our staff were working from home due to COVID-19 restrictions. To represent how we continued to operate and communicate, Board and staff pictures in the report are screenshots taken from video conferences. Front cover: Athol Street 1966 (PG/13633/1/1966/568/1) and 2020 2 CONTENTS INDEX APPENDICES • Chair’s Opening Remarks ..............................................................................5 • Appendix A – Our Functions ......................................................................60 • Chief Executive’s Report .................................................................................7 • Appendix B – Our Board - Corporate Governance, ...........................61 Meetings and Members’ Biographies • Introduction .....................................................................................................10 • Appendix C – Our Organisation Chart ....................................................66 • Our Communication Themes .....................................................................11 • Appendix D – Industry Statistics ...............................................................68 • Year at a Glance 2019 - 2020 ......................................................................18 • Appendix E – Our Accounts ........................................................................74
    [Show full text]
  • TCQ 5214.Pdf
    PP 0094/12 TYNWALD Tinvaal QUESTION PAPER Pabyr Feyshtyn DOUGLAS 10th July 2012 at 10.30 am FOR ORAL ANSWER 1. The Hon. Member for Rushen (Mr Skelly) to ask the Chief Minister – If he will make a statement on the Deputy Chief Minister of Jersey’s call to be ready for independence; and what if any action the Government has already taken to identify the potential benefits of independence? 2. The Hon. Member for Garff (Mr Speaker) to ask the Chief Minister – Pending the introduction of Freedom of Information legislation, what action he has taken to strengthen the existing Code of Practice on Access to Government Information? 3. The Hon. Member for Onchan (Mr Karran) to ask the Chief Minister – (a) By what process the Minister was appointed by the Department to carry out the due diligence assessment of the Pinewood deal; (b) whether the Minister was professionally qualified and insured to carry out the due diligence test; (c) whether the Treasury has a comprehensive report on file in relation to the due diligence which was carried out; (d) whether the Treasury Minister registered a conflict of interest in carrying out due diligence on a matter his Department was involved in; (e) whether the Treasury has professional indemnity cover if the due diligence has been defective; and TCQ 5214 (f) considering the whole exposure is £49 million whether a professional third party should have been employed to carry out due diligence inquiries? 4. The Hon. Member for Onchan (Mr Karran) to ask the Chief Minister – What the projected income of Government is in each of the next three years; and what action the Council of Ministers will take to protect the long-term interests of the nation in the light of the shortfall in income? 5.
    [Show full text]