IoM Sees Positive Beneficial Ownership Reporting Rates
by Amanda Banks, Lowtax.net, London
13 March, 2018
The Isle of Man Companies Registry has reported that over two-thirds of listed companies have submitted annual beneficial ownership declarations.
The declarations are required under the Beneficial Ownership Act, which was enacted last year in line with the Isle of Man Government's commitment to enhance agreements for the sharing of information about the beneficial ownership of corporate and legal entities, to help the UK combat financial crime and terrorism.
Under the Act, all nominated officers or corporate service providers for legal entities must submit details of registrable beneficial owners who hold more than 25 percent of a legal entity's shares.
The Registry says that, nine months in, its beneficial ownership database now holds the details of 68 percent of all legal entities to whom the Beneficial Ownership Act 2017 applies.
Details of registrable beneficial owners must be submitted electronically to the Isle of Man database of beneficial ownership no later than June 30, 2018, with a statement of compliance being included in the annual return.
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