A number of recent developments have impacted on key aspects of the Isle of Man's offshore regime. Here, in summary form, are the main points:

  • The Isle of Man's regime against money laundering appears to have relaxed slightly following the latest revision of draft guidelines from the Financial Supervision Commission. This relaxation relates only to long-established clients. New or ongoing financial transactions will still have to satisfy full requirements on proof of identity and provide adequate information on the source of funds.

  • The judgment in the case of Re: the Petition of Christopher Jollian Heginbottom (reported in 1999 2 ITELR), has proved decisive. The judgment confirms that a transfer into a trust or other asset protection vehicle is safe from attack by a future creditor whose debt is not known or ascertainable at the time of transfer. The decision clears up previous doubts as to the application of certain old statutes on this point.

  • A Corporate Service Providers Bill is presently under consideration. It is expected to become law later this year. The bill requires that any corporate service providers must have a licence which involves regulatory provisions. The step represents further strenuous efforts by the Isle of Man to remain one of the better regulated offshore jurisdictions.

  • The Copyright (Amendment) Act 1999 extends copyright protection to databases. The Isle of Man is a signatory to a convention facilitating international enforcement of the law of copyright.

For further information on this topic please contact Kevin O'Riordan at Simcocks by telephone (+44 1624 620821) or by fax (+44 1624 620994) or by e-mail ([email protected]).

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