Three month beneficial ownership warning

Companies registered here told to be aware of obligations

Companies registered in the Isle of Man will soon be required to adhere to new rules concerning beneficial ownership.

The Beneficial Ownership (Amendment) Bill 2020 recently received Royal Assent and will come into force on 1 September.

The changes have been made in response to the Island's Mutual Evaluation Report 2016, conducted by MONEYVAL, and will further improve the accuracy of the database which records beneficial ownership.

That's defined as the natural person or people who ultimately own or control a company, limited partnership with legal personality or foundation.

Treasury Minister Alfred Cannan says the introduction of these changes send a clear message that the Island is a responsible, and responsive, jurisdiction committed to following international financial standards.

He adds: "Establishing the beneficial ownership database in 2017 placed us on a firm footing following the 2016 MONEYVAL report and underlined a commitment to the UK Government to improve agreements for the sharing of information on beneficial ownership.

"I urge all registered businesses, legal entities and their nominated officers to be aware of their obligations and make any changes which may be necessary before the amended legislation comes into force in less than three months' time."