Changes to be brought to Tynwald in May
Plans to strengthen the Isle of Man’s beneficial ownership framework have been set out.
The Central Registry wants to update the definition of a registrable beneficial owner and change the information required when there isn’t one.
It says it will make it easier to identify who owns and controls companies and other legal entities on the Island.
The changes to the Beneficial Ownership Act 2017 will be brought to Tynwald through a Treasury Order later this month.
Enterprise Minister Tim Johnston said: "The Isle of Man has a strong track record in corporate transparency.
"These proposals further strengthen our beneficial ownership regime by improving the quality, accuracy and reliability of information held on the database of beneficial ownership, in line with international standards.
"By ensuring high‑quality beneficial ownership information is maintained on the database we are helping to protect the Island from the risks associated with money laundering, terrorist financing and proliferation financing, while reinforcing our reputation as a well‑regulated and co‑operative international financial centre."
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