The Fraud Act 2017 is being introduced by the Department of Home Affairs to bring the island more into line with global standards.
It includes specific legislation to combat fraud and its associated links to offences such as aiding and abetting and conspiracy.
Protect the public
Bill Malarkey, home affairs minister, said: “We want to raise awareness of the new legislation, which is intended to protect members of the public and businesses from fraudsters.”
The Act puts in place similar laws to those of the UK.
It will provide “modern, sophisticated and flexible measures aligned with global standards to combat offences of fraud”, the Department of Home Affairs said when the bill was first announced in January.
“The introduction of modern laws to combat fraud will further strengthen the Isle of Man’s status as a centre for high-quality business and increase customer confidence in our financial services industry,” Malarkey added.
