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Dormant bank account cash could go to charity

Mon, 17 Dec 2018

Money in dormant bank accounts on the Isle of Man could be given to local charities if a new law is passed.

Treasury member Bill Shimmins MHK would like to see cash lying in dormant accounts transferred to a central fund held by the Treasury.

A public consultation on the Dormant Assets Bill was launched in Seotember.

Under the plans, money held in dormant bank accounts would be transferred to a central fund and to allow a proportion of the amounts transferred to be distributed for charitable purposes in the Island.

Account owners would have the right to reclaim their money indefinitely.

The Dormant Assets Bill will be laid before the House of Keys on Wednesday.

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