Beneficial Ownership (Amendment) Bill 2020

Overview

 In order to address several compliance deficiencies identified in the Island’s Mutual Evaluation Report 2016, conducted by MONEYVAL, a small number of amendments are being recommended to the Beneficial Ownership Act 2017, which are intended to improve the accuracy of the beneficial ownership database and meet international standards regarding timeliness.

The changes identified will also contribute to the work that the Isle of Man is undertaking in relation to its public commitment made in June 2019, to delivering an effective public register of beneficial ownership of companies, through a three stage process, by 2023. The Cabinet Office is coordinating measures to deliver the IoM Government’s commitment in consultation with the Department for Enterprise (DfE) and the Treasury Department.

Why your views matter

The purpose of this consultation is to seek the views and where relevant, evidence to support those views, on the proposed amendments to the Beneficial Ownership Act 2017.

What happens next

The Cabinet Office, in consultation with the Department for Enterprise and the Treasury Department, will take into account the feedback from the consultation prior to determining whether the draft Bill require’s amending. A ‘We Asked, You Said, We did` document will be published on the IoM Government Consulation Hub, to summarise the responses received from the consultation and their outcomes.

Following the completion of the public consulation, the Cabinet Office will seek approval by the Council of Ministers for introduction of the Bill into the House of Keys.