Introduction of public register likely in future
A former tax director at accountancy firm PKF says it's good news the Island wasn't in the first tranche of a latest clampdown on offshore jurisdictions.
Speaking on Mandate this morning (Wed 02) Philip Dearden said whilst most jurisdictions - including the Isle of Man - had introduced private registers, public registers won't be popular with clients and would drive them elsewhere.
Yesterday (Tues), the House of Commons debated the Sanctions and Anti-Money Laundering Bill and there was a move to include crown dependencies, as well as the overseas territories - but Foreign Office Minister Sir Alan Duncan did not agree and this amendment was withdrawn.
Whilst he believes such a move will be inevitable in the long run, Mr Dearden says yesterday's move in the Commons was positive for the Island.
Inmates stage prison protest over time spent in cells
Local clothing retailers rated poorly in new survey
'Unnecessary' delays left electricity customer in limbo
Drone users reminded not to fly devices during Classic TT and Manx Grand Prix course closures