Isle of Man To Improve Beneficial Ownership Register
by Jason Gorringe, Lowtax.net, London
16 September, 2020
The Isle of Man has launched a consultation on legislative changes to ensure the territory remains fully compliant with international standards on recording details of the beneficial owners of legal entities.
The Beneficial Ownership (Amendment) Bill 2020 is intended to further improve the accuracy of the island's database. The legislation will also permit the extraction of anonymized data by relevant authorities to assist with international reporting obligations.
The island's registry includes the details of a natural person or persons who ultimately own or control any company, limited partnership, or foundation established in the territory. The database will remain accessible only to Isle of Man law enforcement and regulatory authorities.
The Government anticipates that a consultation will be held in 2021 on the introduction of a publicly accessible register of public ownership. This is in line with commitments made by the Government in 2019.
The consultation will close on October 21, 2020.
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