Beneficial Ownership plans 'too burdensome'
Plans for a central register of the beneficial ownership of Manx firms have been criticised as "unnecessarily complicated, burdensome and expensive" by a key group in the Island's financial services sector.
The Trust and Corporate Services Providers Association TCSP, says the Beneficial Ownership Bill will create an extra level of bureaucracy which is not required.
The Association has spoken out as the Bill reaches its Clauses stage in the House of Keys today (28 Feb).
Proposals require the creation of a new company official known as the Nominated Officer - a route not taken by other jurisdictions, and one which it's claimed, will make the Island less competitive.
The TCSP has also accused government of dismissing concerns its members raised in a consultation exercise.
Mark Denton is chairman of the Association:
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