Challenges faced by directors after the MONEYVAL report were put under the spotlight at a special business presentation.

Chiva Samani, director at Gough Law, and Craig Mitchell, director at Browne Craine & Co, delivered the members-only workshop presentation to the Isle of Man Chamber of Commerce.

It centred on the role, responsibilities and duties of directors and was entitled: ’Directors - When it all goes wrong, what you can do to make it right’, at the Chamber offices in Athol Street, Douglas.

Chiva, a litigation advocate who specialises in complex commercial and trust disputes, and Craig, a qualified chartered accountant and chartered certified accountant who specialises in Isle of Man insolvency and liquidation work, have worked together on a number of cases.

The event provided an insight into the challenges faced by directors, following on from the most recent report on the Isle of Man by MONEYVAL, the committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism.

The talk also explored the different strategies that can be adopted when faced with regulatory interviews and legal proceedings.

Chiva said: ’In light of the criticism raised by MONEYVAL in its fifth round mutual evaluation report, the Isle of Man Financial Services Authority is increasingly making use of its enforcement powers.

’Accordingly, our presentation focused heavily on the personal exposure faced by directors, and the steps that can be taken to protect yourself.

’The workshop was thoroughly enjoyable and well attended by Isle of Man Chamber members from a wide range of industries. Thank you to the Chamber for hosting the event.’

Craig said: ’Chiva and I touched on some very important subjects that every director needs to consider. I’m delighted by the positive feedback that we’ve received from the attendees.

’The talk was intended to provide a synopsis of director duties to the companies prior to and post liquidation and I hope we achieved that.’