Page 724 - IOM Law Society Rules Book

346 Proceeds of Crime Act 2008 c.13

(7) The laundered property is the property forming the
subject-matter of the money laundering that the person knows or
suspects, or has reasonable grounds for knowing or suspecting,
that other person to be engaged in.

(8) But a person does not commit an offence under this
section if the person has a reasonable excuse for not making the
required disclosure.

(9) Nor does a person commit an offence under this section
if —

(a) the person knows, or believes on reasonable grounds,
that the money laundering is occurring in a particular
country or territory outside the Island; and

(b) the money laundering —

(i) is not unlawful under the criminal law applying
in that country or territory; and

(ii) is not of a description prescribed by an order made
by the Department of Home Affairs.

(10) In deciding whether a person committed an offence
under this section the court must consider whether the person —

(a) complied with other relevant legal obligations in
connection with the making of disclosures under this
section, including any obligations imposed by the
Department of Home Affairs in a code made under
section 157; and

(b) followed any relevant guidance which was at the time
concerned issued by a supervisory authority or any other
appropriate body and which has been published in a
manner approved as appropriate in the opinion of the
authority or body to bring the guidance to the attention
of persons likely to be affected by it.

(11) Schedule 4 has effect for the purpose of determining
what is a supervisory authority.

(12) An appropriate body is a body which regulates or is
representative of a trade, profession, business or employment.

Failure to 144. (1) A person nominated to receive disclosures under section
disclose: other 153 or 154 commits an offence if the conditions in subsections
nominated
officers (2) to (5) are satisfied.
P2002/29/332