In a surprising move, the Isle of Man abolished the "adequate consideration" defence in its anti-money laundering legislation after the IMF identified the defence as a weakness in the Island's legislation.
The abandonment of the defence has caused enormous problems and undermines access to justice. Other jurisdictions should resist attempts to follow suit.
Meanwhile, it is high time the defence is re-instated in the Isle of Man. Apart from anything else, the present situation prevents lawyers from representing clients when they are suspected of committing financial crimes such as tax offences.
For the full version of Tom Maher's strong case for the re-instatement of the "adequate consideration" defence in anti-money laundering legislation please click here
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