Anti-money laundering legislation was fast-tracked through by the House of Keys on Tuesday to ensure it can be passed in time to meet international obligations.

MHKs took the unusual step of considering both the clauses stage and the third reading of the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Bill at the same sitting.

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

Department of Home Affairs member Clare Bettison said: ’The bill addresses a number of recommended actions identified by Moneyval and the progress being made by the Isle of Man is due to be debated at a Moneyval plenary in July.

’The government considers that it is in the interests of the island to seek to do everything reasonably possible to secure royal assent to this legislation ahead of that assessment.’

Members were unanimous in granting the bill a third reading. It still needs to go through scrutiny in the Legislative Council - and any amendments by the upper chamber would mean it has to return to the House of Keys for further approval before it becomes law.

Among the areas addressed by the bill are record-keeping requirements for unregulated trustees and additional record-keeping requirements in respect of foundations,

The Bill will extend the government’s power to ’make codes relating to combating money laundering and the financing and proliferation of terrorism’, said Miss Bettison.

She added: ’The intended effect is to enable requirements relating to systems, procedures, record keeping, controls and training to be applied to a trustee who is resident in the island but who is not carrying on business in the regulated sector and to trustees who are not resident in the Island but are nevertheless trustees of a trust governed by the law of the island.’