ISLE OF MAN: CONSULTATION LAUNCHED ON PROPOSED CHANGES TO BENEFICIAL OWNERSHIP LAW

On 10 September, the Isle of Man announced that a consultation exercise has been launched by the Cabinet Office which asks for people’s views on the Beneficial Ownership (Amendment) Bill 2020.  The proposed changes follow the Island’s MONEYVAL Mutual Evaluation Report 2016, 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.  A further 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, which is currently accessible only to Isle of Man law enforcement and regulatory authorities.

Despite what the news release claims, the consultation document was not initially available on the Government’s Consultation Hub – but became accessible later.

https://www.gov.im/news/2020/sep/10/consultation-launched-on-proposed-changes-to-beneficial-ownership-law/

https://consult.gov.im/cabinet-office/beneficial-ownership-amendment-bill-2020/consultation/download

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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