Beneficial Ownership (Amendment) Bill 2020

Closes 21 Oct 2020

Opened 9 Sep 2020


 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 We Are Consulting

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.


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