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IoM Considers Beneficial Ownership Registry

Tuesday, April 29, 2014

The Isle of Man has announced that it is considering the introduction of a central registry of beneficial owners to improve transparency.

The move follows the Action Plan published in June 2013 at the G8 Summit in Northern Ireland and the release of UK government recommendations last week. The UK proposed that territories should establish a publicly accessible central registry of beneficial ownership information after discussing the measure during a consultation on corporate transparency issues.

The Isle of Man's Chief Minister, Allan Bell, said: "The Isle of Man has a robust regime in place to ensure the identification of the beneficial ownership of companies and the availability of this information to the authorities. We have already made an international commitment to review the regime, and now that the UK Government has clarified its proposed way forward on beneficial ownership, it is logical to include that model as one of the options in our review."

"The outcome of the exercise has to be appropriate for the Isle of Man, of course, which is why we will be engaging in full consultation with the business community before reaching any conclusions."