A. The Banking Act 1998, as amended.
The Banking Act provides a framework for the licensing and supervision of banking institutions. Organisations carrying out activities defined (by Section 1 of the Banking Act) require a licence from the Financial Supervision Commission to do so. Banking institutions may conduct investment business without a separate licence issued under the Investment Business Act. Licenses are normally subject to the Banking (General Practice) Regulatory Code, which details the FSC's regulatory requirements.
Other Legislation
Other statutes which are relevant to the Commission’s work are the Fraud (Investment Act 1968, the Companies Act 1931-2004, the Limited Liability Companies Act 1996 and 1999, and the Companies Act 2006.
Several pieces of legislation should be mentioned which relate to the Isle of Man’s desire to protect itself and institutions doing business on the Island from abuse by criminals and those who seek to abuse the confidentiality offered by offshore centres to cloak their transactions in banking and investment markets.
These are:
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Drug Trafficking Offences Act 1987
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Companies Securities (Insider Dealing) Act 1987
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Prevention of Terrorism Act 1990
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Criminal Justice Acts 1990/1991/2001
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Drug Trafficking Act 1996
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Criminal Justice (Money Laundering Offences ) Act 1998
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Terrorism (United Nations Measures) (Isle of Man) Order 2001
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Anti-Money Laundering (Online Gambling) Code 2002
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Anti-Terrorism and Crime Act 2003
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Criminal Justice (Money Laundering) Code 2007 (with amendments in 2007 and 2008)
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Terrorism (Finance) Act 2009
The Isle of Man was the first of the UK offshore islands to adopt these pieces of legislation, which are modelled on those of the UK.
