A new Bill aimed at tightening how ownership information is verified and shared across the island’s registers will be introduced to the House of Keys next week.
The Verification of Entity Registration Bill proposes a series of reforms designed to ensure beneficial ownership data is accurate, reliable and consistently maintained.
The measures include standardising how registration information is collected and verified, strengthening compliance and enforcement powers, improving cooperation and information‑sharing, including with overseas authorities, and reinforcing the Registrar’s role in overseeing these requirements.
Enterprise Minister Tim Johnston MHK said the legislation reflects the island’s ongoing commitment to high standards in entity registration and transparency, forming part of a wider programme of work to enhance beneficial ownership arrangements.
He said the Bill will help demonstrate the effectiveness of the island’s oversight regime ahead of this year’s MONEYVAL assessment.
The Bill is scheduled for its first reading in the House of Keys on May 5, with further details available via the Tynwald register.
