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IoM Cracking Down On Beneficial Ownership Act Non-Compliance

by Amanda Banks, Lowtax.net, London
08 September, 2017

The Isle of Man Companies Registry has prosecuted a company for breaching obligations imposed under the territory's new Companies Beneficial Ownership Act.

The Beneficial Ownership Act was enacted in April and requires details of any beneficial owner, who owns more than 25 percent of a legal entity, to be submitted electronically to the territory's central database by the entity's nominated officer or corporate service provider.

The prosecution of Global Steel Holdings Limited was for failure to appoint and maintain a nominated officer.

Commenting on the ruling by the Magistrates Court, the Registry said it "...further demonstrates the effectiveness of our data gathering and investigations and the Isle of Man's commitment to pursuing prosecutions for non-compliance … I would like to take this opportunity to remind firms that they are required to meet all their obligations under the Act, including appointing a nominated officer who is the person responsible for submitting beneficial ownership information."

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