Amendment to Anti-money laundering Bill causes concern
A debate in the House of Commons this afternoon (Tues 1st) on the Sanctions and Anti-money Laundering Bill could force the Isle of Man to introduce a register revealing the beneficial owners of assets held here.
An amendment to the bill has the backing of a cross-party alliance of MPs, including former chancellor Kenneth Clark, former Labour Leader Ed Miliband, Lib Dem Leader Vince Cable, leader of the SNP at Westminster Ian Blackford, and the Green MP Caroline Lucas.
Leader of the alliance, Tory MP Andrew Mitchell, believes it can defeat the government.
The amendment would require the UK government to help overseas territories set up a public register of the beneficial ownership of companies within its jurisdiction - and, by 31 December 2020, prepare an Order in Council requiring the government of any British Overseas Territory that has not introduced a publicly accessible register to do so.
Chief Minster Howard Quayle has been in London to hold talks with MPs and officials ahead of the debate.
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