IoM Beneficial Ownership Register In Force By July
by Amanda Banks, Lowtax.net, London
16 May, 2017
The Isle of Man's Department of Economic Development says it is making final preparations to implement, from July 1, a central database containing information on corporate beneficial ownership.
The database 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 for the prevention and detection of serious, organized crime, such as corruption, money laundering, and terrorist financing. Other Crown Dependencies and the British Overseas Territories have all made the same commitment.
With a small number of exceptions, the new regime will apply to all legal entities incorporated, registered, or established in the Isle of Man. Most types of legal entities will have to appoint a person, known as the nominated officer, to provide government with the required details. They will be sent an enrollment code no later than the end of June 2017, which will enable them to submit the registrable beneficial ownership information online.
In the case of legal entities using a licensed corporate service provider (CSP), the responsibilities undertaken by the nominated officer will fall to the CSP.
The nominated officer/CSP must submit the registrable beneficial ownership information by the date on which the legal entity's next annual return must be filed or by June 30, 2018, whichever is earlier, but in any event as soon as reasonably practicable after the information has been submitted to the nominated officer. Any changes to the information must also then be submitted to the database within one calendar month of the nominated officer being made aware of the changes.
Information held on the central database will not be made public; it will be accessible to only a small number of designated officials within a limited number of 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 has such an agreement with the Isle of Man.
Further information about beneficial ownership will be made available on the island's Companies Registry website.
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