A public consultation has opened on proposals to introduce a legitimate interest route for accessing beneficial ownership information in the Isle of Man.
It is aimed at supporting the prevention, detection and investigation of money laundering, terrorist financing and proliferation financing.
The move follows a joint commitment by the Isle of Man, Jersey and Guernsey to enhance access to beneficial ownership data while maintaining safeguards for privacy and personal safety.
Beneficial Ownership
The Central Registry is seeking views on how such a framework should operate, including how applications would be assessed, what evidence should be required, and what information could be disclosed in a way that is proportionate and legally robust.
Proposals include a case‑by‑case application process, a defined “interest test”, limits on what may be released, and exemptions or restrictions where disclosure could pose risks.
Enterprise Minister Tim Johnston MHK said: “The Isle of Man is committed to being a responsible and transparent jurisdiction, and to playing our part in tackling financial crime.
“This initial consultation seeks views on how we could introduce a clear and workable ‘legitimate interest’ route to access beneficial ownership information, for those who can demonstrate a genuine need connected to preventing, detecting, or investigating money laundering, terrorist financing and proliferation financing.
“We want to hear from industry and other stakeholders on their views on the right safeguards required, including how we protect privacy and personal safety while ensuring the framework is effective in supporting financial crime prevention.”
Feedback from industry and stakeholders will inform the next phase of policy development.
The consultation is available at consult.gov.im and runs until June 30.
