It is seen as a significant step in the legislation
A significant step in strengthening the legislation covering how ownership information is collected and shared across the Island's registers, will be taken next week.
The Verification of Entity Registration Bill will begin its passage through the legislature at Tuesday's sitting of the House of Keys.
The Bill, developed in parallel with public consultation and extensive engagement proposes a series of changes to ensure beneficial ownership information is accurate, reliable and kept up to date.
It is seen as an important element in ensuring the Isle of Man remains a trusted jurisdiction for responsible business and international co-operation.
There are four main strands to it including:
- Standardising how registration information is collected and verified.
- Strengthening compliance and enforcement powers.
- Improving co-operation and information sharing, including with overseas authorities
- Supporting the Registrar's role in overseeing and enforcing these requirements.
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