Consultation launched on proposed changes to beneficial ownership law

Feedback is being sought on proposed amendments to legislation which aim to ensure the Isle of Man remains fully compliant with international standards on beneficial ownership.

A consultation exercise has been launched Wednesday 9 September by the Cabinet Office and asks for people’s views on the Beneficial Ownership (Amendment) Bill 2020.

The proposed changes follow the Island’s Mutual Evaluation Report 2016, conducted by MONEYVAL, and are intended to further improve the accuracy of the database which records beneficial ownership – defined as the natural person or people who ultimately own or control a company, limited partnership or foundation.

The beneficial ownership database is currently accessible only to Isle of Man law enforcement and regulatory authorities and this Bill would not change that position.

It is anticipated that a consultation will take place later in 2021 to inform the introduction of a public register of beneficial ownership, in line with commitments given by the Isle of Man Government in June 2019.

The consultation can be found by visiting the Isle of Man Government’s online consultation hub at https://consult.gov.im/

For those unable to access the consultation hub, a paper version of the consultation can be requested via amlcft@gov.im, or by calling 698369.

The process will run for 6 weeks and conclude on Wednesday 21 October 2020.

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