Treasury has today launched a consultation on draft legislation for the introduction in the Isle of Man of a central database of the beneficial ownership of corporate entities.
The Beneficial Ownership Bill is in line with the Isle of Man Government’s commitment, given to the United Kingdom Government in April this year, to enhance arrangements for the sharing of beneficial ownership information by establishing a central database of such information. Other Crown Dependencies and the British Overseas Territories have all made the same commitment.
The Isle of Man Government agreed to consider the introduction of a central database as part of the action plan it published at the time of the G8 Summit in Lough Erne in June 2013.
The consultation on the Beneficial Ownership Bill is open until Friday 16 December 2016. The consultation document is available at:
https://www.gov.im/ConsultationDetail.gov?id=599
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