DOCSLIB.ORG

Isle of Man Private Wealth Report 2020/21 Contents Foreword Welcome to the Isle of Man Private Wealth Report 2020/21

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read 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. Finance Centre 14 2.10 Succession Planning 54 In section two, we investigated Isle of Man real estate and private 1.5 Isle of Man Financial Services 2.11 Philanthropy and 56 wealth themes, specifically Isle of Man private clients; relationships, Authority 16 Sustainability trust and loyalty; investment management; insurance and pensions; 1.6 Finance Isle of Man 18 trust and corporate services; yachting and aviation; digital; succession 2.12 Global Citizen 58 1.7 Isle of Man in Numbers 20 planning; philanthropy and sustainability; and global citizen. 1.8 Isle of Man - Finally, in section three, we researched the current unprecedented A Diverse Economy 22 COVID-19 pandemic and the future trends in the Isle of Man private Section three: 1.9 Relocating to Isle of Man 24 wealth sector. Private Wealth Trends We would like to thank all the participants who kindly shared their 3.1 Coronavirus COVID-19 60 insights and in particular our sponsors – Finance Isle of Man, ILS 3.2 Isle of Man Private Wealth – World, Old Mutual International, Prospect Capital, Rossborough and The Future 68 Turnstone. We hope you enjoy reading the report and welcome your feedback. We are committed to assisting global private clients and global private wealth professionals with thought leadership in order to help influence their private wealth strategy. If you require any further information, please do not hesitate to contact us. We look forward to working with you in the future. Yours faithfully, Dr Stuart Gibson CEO, Gibson Strategy Limited 2 I gibsonstrategy.com I 3 STRATEGY Isle of Man Private Wealth Report 2020/21 Executive Summary Isle of Man Real Estate. Younger wealth creators are Aviation and Yachting. World class shipping and aviation moving to the Island and buying real estate. UHNWs registry on the Island. Multi-jurisdictional solutions prefer to build bespoke homes rather than live in existing available for global clients. Flag state extremely important. properties available on the market. Personal safety is the Isle of Man professionals provide full yacht and aviation major factor for wealthy families buying property on the management services. Island. Digital and Technology. Private clients and wealth Living in the Isle of Man. Abundant space to grow is a professionals have polarised views on cryptocurrency. significant benefit. Tax cap is a prominent driver. New HVRs There remains a sceptical attitude towards investing in creating employment opportunities. Low unemployment cryptocurrency. The Isle of Man has a world-class reputation but skilled workers still needed. Anonymity rather than as an e-gaming jurisdiction, which continues to grow. notoriety. Diverse immigration including north of UK, South Succession Planning. Educating the next generation is Africa, US and China. Political and economic stability - a big critical in effective succession planning. Succession planning plus. is more about estate planning than tax planning. Asset Isle of Man Private Clients. Diversity of HNWs - young, protection is essential in intergenerational wealth transfer. old, male, female, entrepreneurs, retirees. Entrepreneurs Next generation is younger and more entrepreneurial. have an absolutely laser focus on what has to be done. No Philanthropy and Sustainability. Very diverse philanthropic such thing as retirement for an UHNW. Drivers for UHNW causes. Extremely important to include the next generation. wealth - money, power, lifestyle, personal safety, enjoyment, Varied opinion in remaining anonymous. Varying amount of security for family and the next generation. involvement or commitment to philanthropy. Intrinsic link to Relationships, Trust and Loyalty. Honesty and openness green and sustainable philanthropy. most important in creating trust. Trusted relationships Global Citizen. Explosion in growth of global citizens. critical in building long-term loyalty. Institutional brand Increasing complexity of global citizens. Global citizens reinforces trust in the private wealth professional. Culture driven by lifestyle rather than tax. Political safety a key influences the creation of trust and loyalty. influence. Proximity to the UK a distinct advantage. Investment Management. Service, quality and Emotional link with home country important. relationships are extremely important in selection criteria Coronavirus COVID-19 Pandemic. The impact of rather than price. Isle of Man investment managers coronavirus COVID-19, whilst sudden and unprecedented, compete on an institutional, rather than jurisdictional, has shown that the Isle of Man’s private wealth level. Global complexity of private clients include: UHNWs, professionals and businesses are resilient, adaptable and HNWs, entrepreneurs and expats. Professionals deal with were generally well prepared. As a consequence, the gatekeepers such as lawyers or tax advisers at larger family Island’s private wealth sector and its private clients will offices. Differences in the comprehension of risk between hopefully successfully emerge from this pandemic on a the wealth creators and second/third generations. positive path. Life and Pensions. Life companies account for 17.5% of The Future. Still concern and uncertainty over Brexit. Island’s GDP, employing 2,000 staff. Joint promotional Geopolitics never more interesting. Strong regulation is activities between government and Manx Insurance positive but also a burden for service providers. Political Association. Large diversification of sectors making up the and economic stability of the jurisdiction is crucial for the Isle of Man GDP. Global and multi-jurisdictional clientele. successful future. Further consolidation of the private Trust and Corporate Services. Vast amount of services wealth service providers. offered for private clients and corporate clients. Different structure available for asset protection, succession planning, tax planning or philanthropic causes. Choice between owner managed versus private equity owned models. Increasing specialism in aviation and yachting; and digital including cryptocurrencies, eGaming and eSport. 4 I gibsonstrategy.com I 5 STRATEGY Section one I Isle of Man Isle of Man Private Wealth Report 2020/21 1.1 Isle of Man – A Brief History Isle of Man is located off the North West English coast, in a feudal basis, with fees and homage promised to all future the middle of the Irish Sea, at roughly equal distance from kings of England. England, Ireland, Scotland and Wales. The Island is 30 miles During the fifteenth and sixteenth centuries, the Isle of Man long, thought to have been formed approximately 85,000 was an important centre for the illegal contraband trade years ago, when melting glaciers meant sea levels rose, because of its convenient offshore location. The Smuggling isolating Mesolithic Britain from mainland Europe. Act was passed in 1765 by the government at Westminster, The Isle of Man is part of the British Isles; it is a self- in an attempt to legislate against such trade. Manx-folk governing kingdom; a Crown dependency (since 1828) referred to it as the Mischief Act. Manx is the term used to belonging to neither the UK nor the European Union. describe people or things that belong to, or concern the Isle Under the supervision of the British Home Office, the Island of Man and the people who live there. governs its own internal affairs and has its own parliament Evidence of the Industrial Revolution points to the building (known as Tynwald), laws, traditions and culture. of the largest waterwheel in the world on the Island The first inhabitants of the Island are understood to be in 1854. The Laxey Wheel, which is 72 feet in diameter, Celtic tribes; it is presumed that these immigrants were was built to pump water from the lead mines some 200 from Ireland, as the current Manx Gaelic language closely fathoms below. The economy of the Isle of Man also began resembles Irish Gaelic. The Celtic god of the sea, Manannán, to change
Load more

Recommended publications
  • BUSINESS: 2. Apologies for Absence: Minutes for Adoption: 4. Matters Arising Not Included Within the Agenda. Chairman's Report
    Town Hall, Parliament Square, Ramsey, Isle of Man. www.ramsey.gov.im 15(h April, 2021. Sir/Madam, The monthly Public Meeting of the Ramsey Town Commissioners will be held at 7.00 p.m. on Wednesday evening next, 21 s( April, 2021, in the Boardroom ofthe Town IIall, Ramsey, or by telephone conference call and access arrangements will be notified to Members in advance. BUSINESS: 1. His Late Royal Highness, the Prince Philip, Duke of Edinburgh. It was with great sadness that the community learned of the death of the Prince Phillip, husband and consort to Her Majesty Queen Elizabeth II, Lord of Mann. I would ask that we stand for a minute's silence to reflect on his service to the British Monarchy during his full and active lifetime. 2. Apologies for Absence: 3. Minutes for Adoption: page(s): 1 - 11 o Minutes of Board Meeting held on 17(h March, 2021. 4. Matters arising not included within the Agenda. 5. Chairman's Report: page(s): 12 • His Late Royal Highness, the Prince Philip, Duke of Edinburgh • Essential Services • Service of Thanks and Blessing 6. Finance and General Purposes: page(s): 13 - 28 o Town Clerk's Report(s): • Elections and Meetings (Local Authorities) Bill 2021 • Investigation Demand Responsive Bus Services • Rate Collection 2021122 • Wayleave Bircham Avenue Area o Finance Officer's General Report(s): • Accounts • Summary of Revenue Income and Expenditure • Rates • Isle of Man Bank Loans 7. Works and Development: page(s): 29 - 39 o Town Clerk's Report(s): • Fibre Broadband Role Out - Planning Consents • Redevelopment Caine's Yard - Amenity Space o Technical Services Manager's Report(s): • Planning Application • Appendix • DEFA Tree Register 8.
    [Show full text]
  • Sovereign/Lord? the Enduring Legal Importance of Revestment Peter Edge
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Oxford Brookes University: RADAR ISLE OF MAN STUDIES Vol XV 2017 Sovereign/Lord? The enduring legal importance of Revestment Peter Edge Law has an extremely complicated relationship with significant strand in revolutionary thinking was that history. In particular, claims to legal legitimacy often they were legally in the right, as a matter of British law. base themselves on an argument that a particular legal A reissue of the banknote, after the Declaration of position can be found in earlier sources, in a sense Independence, replaced ‘Magna Carta’ with sanctified by the passing of time. This is particularly the ‘Independence’. case in areas of legal uncertainty, or areas lacking a The principal constitutional debate was one of direct statutory basis, where the occasionally Delphic relevance to the context of Revestment. The Revolution utterances of judges are particularly important. Where can, with considerable fairness, be seen as a conflict as an act of the legislature explicitly repeals an earlier act to the authority of Parliament in possessions of the on a topic, and replaces it with new legal rules, the fact Crown beyond Great Britain. The revolutionaries of the change is pretty clear. Where a range of judges argued that Parliament had no authority, particularly in over – at times – a number of centuries have relation to taxation; the British government argued that contributed to a body of law, it is much less easy to Parliament had the power to make law for possessions, establish whether a particular moment is one of change, even those with representative legislatures of their own, clarification, or reassertion of the law.
    [Show full text]
  • The Sovereignty of the Crown Dependencies and the British Overseas Territories in the Brexit Era
    Island Studies Journal, 15(1), 2020, 151-168 The sovereignty of the Crown Dependencies and the British Overseas Territories in the Brexit era Maria Mut Bosque School of Law, Universitat Internacional de Catalunya, Spain MINECO DER 2017-86138, Ministry of Economic Affairs & Digital Transformation, Spain Institute of Commonwealth Studies, University of London, UK [email protected] (corresponding author) Abstract: This paper focuses on an analysis of the sovereignty of two territorial entities that have unique relations with the United Kingdom: the Crown Dependencies and the British Overseas Territories (BOTs). Each of these entities includes very different territories, with different legal statuses and varying forms of self-administration and constitutional linkages with the UK. However, they also share similarities and challenges that enable an analysis of these territories as a complete set. The incomplete sovereignty of the Crown Dependencies and BOTs has entailed that all these territories (except Gibraltar) have not been allowed to participate in the 2016 Brexit referendum or in the withdrawal negotiations with the EU. Moreover, it is reasonable to assume that Brexit is not an exceptional situation. In the future there will be more and more relevant international issues for these territories which will remain outside of their direct control, but will have a direct impact on them. Thus, if no adjustments are made to their statuses, these territories will have to keep trusting that the UK will be able to represent their interests at the same level as its own interests. Keywords: Brexit, British Overseas Territories (BOTs), constitutional status, Crown Dependencies, sovereignty https://doi.org/10.24043/isj.114 • Received June 2019, accepted March 2020 © 2020—Institute of Island Studies, University of Prince Edward Island, Canada.
    [Show full text]
  • 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]
  • Information Pack Introduction
    The Diocese of Sodor and Man Together making Christ visible The Archdeacon of Man and Vicar of St George & All Saints, Douglas Job information pack Introduction We are seeking to appoint an Archdeacon of Man and Vicar of the Parish of St George & All Saints, Douglas, with effect from December 2021. The Crown has the right of appointment to the Archdeaconry and the Bishop the right of patronage to the Parish. It is, therefore, intended that the Crown and Bishop will make a joint appointment. We are looking for a priest, probably with fifteen years of parochial experience, who can imagine and enable God's mission, with energy and a desire to serve God and people, and who is called to use administrative and pastoral gifts in the care and support of our clergy and parishes. The Archdeacon has responsibilities across the whole of the island-diocese, working with colleagues in diocesan roles, with those involved in public ministry, with parishes, with our ecumenical partners and with many non-church agencies in helping to create conditions for mission and growth. The ministry of the Archdeacon is to assist in the efficient and pastorally-sensitive running of the Diocese. The Archdeacon is to encourage the pursuit of excellence to create the best conditions for growth in every dimension of the Christian life and of the mission Christ has committed to His Church. St. George's Church is the civic church of Douglas, effectively only second in significance to the Cathedral, and exercises an important ministry in the wider life of the capital city of the Isle of Man.
    [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]
  • Scotland and the Isle of Man, C.1400-1625 : Noble Power and Royal Presumption in the Northern Irish Sea Province
    University of Huddersfield Repository Thornton, Tim Scotland and the Isle of Man, c.1400-1625 : noble power and royal presumption in the Northern Irish Sea province Original Citation Thornton, Tim (1998) Scotland and the Isle of Man, c.1400-1625 : noble power and royal presumption in the Northern Irish Sea province. Scottish Historical Review, 77 (1). pp. 1-30. ISSN 0036-9241 This version is available at http://eprints.hud.ac.uk/id/eprint/4136/ The University Repository is a digital collection of the research output of the University, available on Open Access. Copyright and Moral Rights for the items on this site are retained by the individual author and/or other copyright owners. Users may access full items free of charge; copies of full text items generally can be reproduced, displayed or performed and given to third parties in any format or medium for personal research or study, educational or not-for-profit purposes without prior permission or charge, provided: • The authors, title and full bibliographic details is credited in any copy; • A hyperlink and/or URL is included for the original metadata page; and • The content is not changed in any way. For more information, including our policy and submission procedure, please contact the Repository Team at: [email protected]. http://eprints.hud.ac.uk/ The Scottish Historical Review, Volume LXXVII, 1: No. 203: April 1998, 1-30 TIM THORNTON Scotland and the Isle of Man, c.1400-1625: Noble Power and Royal Presumption in the Northern Irish Sea Province One of the major trends in Western European historiography in the last twenty years has been a fascination with territorial expansion and with the consolidation of the nascent national states of the late medieval and early modern period.
    [Show full text]
  • Isla De Man 1
    Isla de Man 1. PERFIL FISICO Características físicas de la localidad El terreno de la isla es variado. Hay áreas montañosas en el norte y en el sur, dividas por un valle central, que corre entre las ciudades de Douglas y Peel. El extremo norte es excepcionalmente plano, consistiendo principalmente en depósitos aumentados por la deposición de avances glaciales. Hay playas de grava, depositadas más recientemente, en la Punta de Ayre. El punto más alto de la isla es el monte Snaefell, que alcanza 621 msnm de altura en su punto más alto. Mapa de la localidad La isla de Man es una isla en el noroeste del continente Europeo, situada en el mar de Irlanda, entre las islas de Gran Bretaña e Irlanda. Extensión territorial La isla mide aproximadamente 22 km de ancho y 52 km de largo, con un área total de 572 km².17 Sus coordenadas geográficas corresponden a 54°15′N 4°30′O. La isla de Man posee un total de 160 km de costa, sin tener ningún cuerpo de agua de tamaño significativo dentro de la misma. La isla reclama 12 M de mar patrimonial, pero solo tiene derechos exclusivos de pesca en las primeras 3 M. En torno a ella se ubican algunas islas pequeñas como Calf of Man, St Patrick y St Michael. 2. GOBERNANZA LOCAL Población Según el censo intermedio de 2011 la isla de Man tiene 84.497 habitantes, de los cuales 27.935 residen en la capital de la isla, Douglas. La mayoría de la población es originaria de las Islas Británicas, con el 47,6% de la población nacida en la isla de Man, el 37.2% en Inglaterra, 3,4% en Escocia, 2,1% en Irlanda del Norte, 2,1% en la República de Irlanda, 1,2% en Gales y 0,3% en las Islas del Canal.
    [Show full text]
  • Manx Notes 442 (2020)
    Manx Notes 442 (2020) “THE CORONATION— A PROTEST” (1953) (1) To the Editor, We, as loyal subjects of the Queen, desire to express our regret that no steps appear to have been taken adequately to express the loyalty of the Manx people to Her Majesty in connection with the Coronation. We have noticed that in the Coronation Souvenir Programme there is on the title page the arms of the various countries constituting the British Empire. The arms of the Isle of Man are not included. Neither do we find any mention of the Isle of Man in any part of the programme. In the second place we regret that no steps were taken to arrange for the presentation to Her Majesty of two falcons by the people of the Isle of Man in accordance with the traditional right which had its origin in the grant of the Isle of Man by Henry iv to Sir John Stanley in 1406. In the third place we regret that there is to be no reference, so far as we are aware, in the Coronation ceremony to Her Majesty’s title as Lord of Mann. Her Majesty's title as successor of the Lords of Mann is an older title than her title as successor of the Kings of England. We are confident that there is no part of the British Empire where the people are more loyal to Her Majesty than the Isle of Man and we should like to express the hope that in the broadcast programmes or in some other way arrangements will be made for the inclusion of the Isle of Man as a separate part of the British Empire and for the announcement of the fact that to the Manx people the Coronation of Queen Elizabeth is her Coronation as the successor of the Kings of Mann and the Isles.
    [Show 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.
    [Show full text]