Legislation that will help the Isle of Man ’play its full part’ in the international fight against the financing of terrorism has completed its passage through the House of Keys.

Treasury department member Ralph Peake said the Customs and Excise Bill had three aims: to update the laws to allow operations with UK agencies to continue, to update the import and export cash declaration system and to ’allow the Financial Intelligence Unit to deal with United Nations and European Union sanctions matters as a one-stop shop for the reporting of all forms of financial crime’.

Mr Peake (Douglas North) said: ’Treasury considers the bill to be important both in terms of the operation of the customs and excise agreement with the UK and the revenues that the island derives as a result - and for the island’s ability to play its full part as a responsible member of the international community in combating money laundering and terrorist financing and other forms of serious and organised crime.’

Mr Peake also praised Ray Todd, who retired after more than 30 years serving the Customs and Excise division and Treasury last month, for his role in drafting the legislation.

’He has been responsible for hundreds of bills from Customs and Excise and this is the last bill he had responsibility for producing,’ said Mr Peake.

The bill, unanimously supported by MHKs, will now be considered by MLCs.