civil penalty

On 1 February 2022 the IOMFSA issued a consultation on the proposed introduction of new Civil Penalties Regulations to encourage compliance with the Island’s Beneficial Ownership legislation.

The Regulations provide for a civil penalty of between £1,000 and £5,000 for each and every listed contravention of the Act. The only option available under the current legislation is a criminal sanction.

Comments are invited by 28 February 2022.

Find the IOMFSA’s press release here.

Consultation paper