New legislation that aims to enhance the island’s reputation as a responsible international business centre is being introduced.

Clare Bettison MHK, political member of the Department of Home Affairs, will formally introduce the Fraud Bill for first reading in the House of Keys next week.

Current law covering fraud is contained within the Theft Act 1981. The new Bill introduces, for the first time in the Isle of Man, specific legislation to combat fraud and its associated links to offences such as aiding and abetting and conspiracy.

The Fraud Bill, which implements a recommendation made by the Public Accounts Committee, sets out each offence in detail along with the penalties. This should help reduce the time and expense spent prosecuting such cases through the courts.

A summary of responses to a public consultation carried out last year has been published on the government’s website.

Miss Bettison said: ’This legislation is aimed at protecting our people and businesses from fraudsters. The Fraud Bill will further strengthen the Isle of Man’s status as a centre for high-quality, legitimate business.’