A public consultation has been launched on proposed changes to the Isle of Man’s Proceeds of Crime Act.

The legislation is one of the island’s most important tools in combating financial crime and is vital in tackling money laundering and countering the financing of terrorism.

But the Department of Home Affairs says it needs modernisation to meet changing international standards and keep up with ever-evolving technology and products.

These changes take the form of three separate draft Bills - the draft Proceeds of Crime (Miscellaneous Amendments) Bill, the draft Proceeds of Crime (Amendment) (Forfeiture of Money held in Bank and Building Society Accounts) Bill and the draft Proceeds of Crime (Amendment) (Unexplained Wealth Orders) Bill.

The consultation questions focus on several key areas including updating the terminology related to virtual assets (cryptocurrencies and digital assets) in line with international standards.

Comments are also invited on the expansion of references to include civilian investigators alongside police and Customs officers, as well as changes to confiscation orders, threshold exemptions, unexplained wealth orders and changes to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 and the Gambling Code 2019.

There is also a proposed change which will create a positive obligation on individuals to report suspicions of money laundering to the Financial Intelligence Unit (FIU).

Minister for Justice and Home Affairs, Jane Poole-Wilson MHK, said: ‘The economic and fiscal stability of the island is key to its future success, as is our ability to continue to be part of the wider world of respected and responsible financial jurisdictions.

‘These crucial updates will play a pivotal role in providing the legislative basis for us to properly combat financial crime.’

Submissions can be made on the government’s online consultation hub. The consultation will close on March 27