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Labour swipe at offshore transparency

Chief Minister defiant over data sharing

The chief minister says government will not be forced to create a public register on the beneficial ownership of Island-based companies - unless doing so becomes an international standard.

Last week in the House of Commons, Labour moved to compel the Crown Dependencies to put the data in the public domain.

The Isle of Man, along with Jersey and Guernsey, has resisted the move, committing instead to a new central register on beneficial ownership - available to law enforcement agencies and other tax authorities.

Labour's amendment to the Criminal Finances Bill hadn't been flagged-up in advance - and came while politicians and business leaders focused on the Manx budget.

Chief Minister Howard Quayle says the Island aims to assist genuine requests for information, while allowing individuals privacy:

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