IoM Rejects Public Beneficial Ownership Register
by Jason Gorringe, Lowtax.net, London
26 February, 2016
The Isle of Man has decided that it will not introduce a public register with information on the beneficial ownership of companies.
Instead the island will work with industry to develop an improved system for storing and, where appropriate, sharing that data, while ensuring essential safeguards are in place.
The decision follows a consultation on whether the island should make beneficial ownership information publicly accessible, in response to calls for such from the UK Government.
The Isle of Man concluded that it is already more transparent than many EU and non-EU jurisdictions. The Isle of Man Government noted that it ensures and verifies the integrity of the information it collects on the beneficial ownership of companies and trusts, in cooperation with services providers. Further, the island continues to provide overseas law enforcement and tax collecting authorities with effective access to that information on request, it said.
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