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MHKs blast beneficial ownership proposals

Amendments described as "unconstitutional" and "political posturing"

"Unconstitutional", "undemocratic" and "political posturing" - these are some of terms Manx politicians have used to describe UK efforts to force the Isle of Man to keep a public register of beneficial ownership.

The Isle of Man Government released a joint statement with Jersey and Guernsey, objecting to proposed amendments to the Financial Services (Implementation of Legislation) Bill.

Treasury Minister Alfred Cannan blasted the move on Twitter, insisting the Island would not recognise legislation applied in this manner.

Ramsey MHK Alex Allinson called for MPs to focus on fixing Brexit first, while Lawrie Hooper posted that he was disappointed to see the issue back on the table, adding that the UK's beneficial ownership regime was "ineffective and unregulated".

The House of Commons is due to consider the amendments as part of the report stage of the bill tomorrow.

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