Tynwald members will next week be asked to approve the introduction of new regulations to make it an offence to disclose information that could prejudice an investigation by the Financial Intelligence Unit.

It will make ’tipping off’ an offence, punishable by a fine of up £5,000.

A Department of Home Affairs spokesman explained: ’For the purpose of these regulations, "tipping off" is the disclosure of information, relating to an FIU request, to any person that may prejudice a civil, criminal or regulatory investigation.’

The measure was not included in the original FIU Act, but it does exist in similar legislation, for instance under the Beneficial Ownership Bill.

The spokesman added: ’The FIU has identified there is a need to deter persons, in receipt of requests for information made by the FIU, from tipping off, by making tipping off an offence.’