On 10th May, the Isle of Man Government issued a news release in which the Chief Minister says that the Isle of Man has closely followed the UK Sanctions and Anti-Money Laundering Bill since it was first introduced into the House of Lords in October. He goes on to say that he thought it might be helpful if he explained that the Bill was of relevance to us, as during its passage through the House of Lords various amendments were tabled in respect of imposing Public Registers of Beneficial Ownership on the Overseas Territories. This was of concern, knowing that amendments could also be tabled that would attempt to extend to include the Crown Dependencies. He points out that a “fundamental” element of the Island’s constitutional relationship with the UK is the mutual recognition of the principle that the UK Parliament does not legislate for it without its consent. He goes on to explain what the Island has already done to improve transparency and co-operation and says that the position re the 5th Money Laundering Directive (which introduces compulsory beneficial ownership public registers) is being monitored.
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