Beneficial Ownership – Legitimate Interest Access

Overview

The Isle of Man Government is consulting on proposals to extend access to the Isle of Man’s beneficial ownership register to persons who can demonstrate a legitimate interest in accessing beneficial ownership information for the purposes of preventing, detecting, or investigating money laundering, terrorist financing and proliferation financing.

The decision to consult on these proposals reinforces the Island’s status as a long-established international finance centre with a strong reputation for robust regulation, political stability and effective governance.

Beneficial ownership transparency is a cornerstone of global efforts to combat illicit finance. Transparency is embedded in the recommendations of the Financial Action Task Force (FATF), the international standard-setter in this area. 

For some time, the question of who should be able to access information of the beneficial ownership of legal persons has been the subject of much debate. There remain differing expectations internationally as to who can and should appropriately have access. Ensuring that the Isle of Man’s approach continues to align with evolving international standards is critical to maintaining the island’s reputation as a well-regulated international finance centre.

In December 2023, the Isle of Man Government issued, with the other Crown Dependencies, a joint commitment on access to beneficial ownership information. This outlined a plan to enhance transparency in line with the direction set by the European Union (EU) under the Sixth Anti-Money Laundering Directive (AMLD6). AMLD6 is due to be transposed by EU Member States later this year.

Officers across Isle of Man Government have continued to liaise with officers of the governments of Jersey and Guernsey, as well as the United Kingdom (UK) Home Office. This consultation paper reflects the dialogue with those jurisdictions, the aim being, in line with the 2023 joint commitment, to establish an appropriate and practical approach.

Why your views matter

This consultation seeks views on how a legitimate interest-based access framework could be introduced in the Isle of Man in a way that aligns with evolving international standards, reflects the Island’s constitutional and legal framework, and remains operationally workable.

It is important to note that at this stage, these proposals are exploratory in nature. Their purpose is to examine how access could be structured in the future and to identify further considerations that would need to be addressed before any decision is taken on the most effective means of enhancing transparency. 

The consultation represents an important opportunity for interested parties to engage with and provide feedback on these proposals. All responses will be carefully considered and inform the determination of next steps.

Reasonable adjustments and alternative formats

The Department is committed to equal opportunities and our aim is to make our documents easy to use and accessible to all.

We will take steps to accommodate any reasonable adjustments and provide such assistance as you may reasonably require to enable you to access or reply to this consultation.

If you would like to receive this document in another format or need assistance with accessing or replying to this consultation, please email LegislationPolicyUnit.DfE@gov.im or call +44 1624 686559.

Responding to this consultation

You can respond to this consultation online by clicking on the 'Online survey' link below.

Alternatively you can download a version of this consultation in the 'Related' section below and email your response to LegislationPolicyUnit.DfE@gov.im or post it to:

Beneficial Ownership Consultation
Policy and Strategy Division – Department for Enterprise
St George’s Court
Upper Church Street
Douglas
Isle of Man
IM1 1EX

What happens next

This consultation is being launched for a period of 8 weeks. After the consultation closes, the Department for Enterprise will review all responses received and a summary of consultation responses will be made available on this page by the end of 2026. Please note that this is outside of the usual 12 week period as set out in the Isle of Man Government Public Engagement and Consultation Principles due to the General Election that is taking place in September 2026.