Chief Minister Allan Bell can expect a letter from his UK counterpart this week, calling on the Isle of Man to be more transparent.
On Friday, Downing Street announced Prime Minister David Cameron had written to all the overseas territories and crown dependencies.
He’s calling for all jurisdictions to create central registers of companies that reveal the true owners of businesses to combat money laundering and tax evasion.
It’s after the coalition government announced it would set up its own register in the UK.
In his letter, the PM urges all of the jurisdictions to create more open and public companies registers which he says would help business carry out due diligence checks and help law enforcement investigations.
He invites the Isle of Man to talk to the UK Treasury and says UK ministers and officials would be happy to help.
The charity Christian Aid has already welcomed the move, saying it will help tackle tax evasion, corruption and money laundering in the developing world.
Its Senior UK Political Adviser Barry Johnston says creating a register of beneficial owners would help the Island and other jurisdictions shake off the dreaded ‘tax haven’ label.Clip 1
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