The Isle of Man needs robust laws to fight crime in the digital age.

That was the message from the MHK guiding new anti-money laundering legislation through the House of Keys.

Department of Home Affairs member Clare Bettison (Douglas East) said: ’Crime knows no borders.

’As an international business centre in the digital age we need to constantly ensure our legislation is robust and able to meet whatever challenges the rest of the world may throw at us.’

The House of Keys backed the principle of the Anti-Money Laundering and other Financial Crime (Miscellaneous Amendments) Bill by granting it a second reading on Tuesday.

Ms Bettison said it was crucial for the island to seen as responsive to international standards.

’This is important not only from the point of view of the island’s image but is also good for business to be associated with a reputable jurisdiction.’

The bill is part of the government’s response to the Moneyval report on the Isle of Man’s anti-laundering measures.

’Key areas identified by Moneyval, which are addressed through, this bill are record-keeping requirements for unregulated domestic and foreign trustees and additional record-keeping requirements in respect of foundations,’ Ms Bettison.

A consultation was carried out prior to the bill being submitted to the Keys.

’While the responses were broadly supportive, changes and assurances were given in two key areas,’ Ms Bettison said.

’It was agreed that proposed provisions addressing Moneyval issues in relation to trusts would be better placed within an anti-money laundering and countering the financing of terrorism code, rather than in the bill itself.’

The second change related to foundations, to recognise that ’sensitive personal data should be redacted from the public register’. However, details of the founders and beneficiaries must be kept at an address in the island so that they are available to the authorities.