Isle of Man:
Bring Back The Adequate Consideration Defence
13 February 2014
DQ Advocates
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In a surprising move, the Isle of Man abolished the
"adequate consideration" defence in its anti-money
laundering legislation after the IMF identified the defence as a
weakness in the Island's legislation.
The abandonment of the defence has caused enormous problems and
undermines access to justice. Other jurisdictions should resist
attempts to follow suit.
Meanwhile, it is high time the defence is re-instated in the
Isle of Man. Apart from anything else, the present situation
prevents lawyers from representing clients when they are suspected
of committing financial crimes such as tax offences.
For the full version of Tom Maher's strong case for the
re-instatement of the "adequate consideration" defence in
anti-money laundering legislation please click here
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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