Money-laundering laws implemented

New laws aimed at combating money laundering come into effect in the Isle of Man next week.

The Proceeds of Crime Act 2008 will be fully implemented by 1 August, after a staggered introduction.

The process has allowed financial institutions and the government to carry out training before the Act was fully in place.

It means confiscation and restraint orders can be issued and deemsters can issue search and seizures warrants.