A public consultation has been launched seeking views on proposals to update corporate laws to ensure they remain aligned with international standards on anti-money laundering, countering the financing of terrorism and proliferation financing.
The changes are intended to support the transformation of the Companies Registry from a passive receiver of documents into an active gatekeeper, with enhanced oversight of company registers and compliance with international legal frameworks.
Government says the reforms are designed to reinforce transparency and strengthen the island’s defences against financial crime, ahead of the next assessment by MONEYVAL, due to take place next year.
Key proposals include updating legislation, standardising the basic and beneficial ownership information held by the Registry across corporate laws, and introducing new disclosure requirements to prevent the misuse of nominee shareholdings.
The consultation also outlines plans to enhance national and international cooperation, including improved information sharing with other authorities and agencies.
Minister for Enterprise, Tim Johnston, said: “Maintaining the Isle of Man’s reputation as a responsible and transparent international finance centre is a key priority for this government.
“The proposed reforms to our corporate laws form an important part of our commitment to ensure the Island’s legislation is fit for purpose and aligns to global standards.
“The Isle of Man is committed to robust financial crime prevention and to supporting legitimate business. I encourage members of our business community to take part in this important consultation.”
Further details are available at consult.gov.im. The consultation is open until January 8 2026.