Legislation to give the Island a central database of corporate beneficial ownership is due for formal first reading in the House of Keys next Tuesday (February 7, 2017).

The Beneficial Ownership Bill will be moved by Treasury Minister Alfred Cannan MHK. It has been developed in line with the Isle of Man Government’s commitment, made to the United Kingdom Government in April last year, to enhance arrangements for the sharing of information about the beneficial ownership of companies.

Other Crown Dependencies and the British Overseas Territories have all made the same commitment.

The agreement with the UK provides for the sharing of adequate, accurate and timely beneficial ownership information for the prevention and detection of serious and organised crime, such as corruption, money laundering and terrorist financing.

Under the Bill information held on the central database is accessible by certain Isle of Man authorities and, on request to the Island’s Financial Intelligence Unit, by the intelligence and law enforcement agencies of countries with which the Isle of Man has a beneficial ownership sharing agreement (currently only the UK).

The database will be maintained as part of the Companies Registry and overseen by the Isle of Man Financial Services Authority.
The Beneficial Ownership Bill was subject to public consultation in November and December last year.

A copy of the Bill and explanatory notes can be found on the Bills section of the Tynwald website at http://www.tynwald.org.im/business/bills/Pages/default.aspx