The Isle of Man Government has committed itself to enhancing the effectiveness of arrangements for sharing beneficial ownership information with the United Kingdom.

Chief Minister Allan Bell MHK said: “This has been achieved through ongoing constructive discussion and is an important demonstration of our long-standing partnership to tackle corruption, tax evasion and other serious criminality.”

The arrangement being finalised will commit to providing Isle of Man and United Kingdom law enforcement agencies with adequate, accurate and current beneficial ownership information on all corporate and legal entities incorporated in their jurisdictions.

Arising from this commitment the Isle of Man will be establishing and maintaining a central electronic database of beneficial ownership information.

“The Isle of Man is not a place where criminals can find a welcome,” the Chief Minister added.

“We have a strong track record of compliance with international standards and this commitment with the United Kingdom will further strengthen our defences against criminal activity. A truly global approach to tax transparency and information sharing is needed to fight the scourge of serious crime. As a well-regulated and internationally responsible country, the Isle of Man is committed to playing its part in efforts to achieve meaningful progress.”