The Central Registry has outlined plans to strengthen the island’s beneficial ownership framework, aiming to improve how the owners and controllers of companies and other legal entities are identified.
The proposals focus on two key changes: updating the definition of a registrable beneficial owner, and revising the information required when no such owner exists.
Amendments to the Beneficial Ownership Act 2017 will be brought to Tynwald via a Treasury Order, clarifying who must be recorded on the island’s beneficial ownership database.
New regulations will also require nominated officers to provide details of a legal entity’s senior managing official where no registrable beneficial owner can be identified.
Corporate Transparency
Enterprise Minister Tim Johnston MHK said the measures would enhance the quality and reliability of information held on the database and support the island’s long‑standing commitment to corporate transparency.
He said the changes align with international standards and help protect the island from risks linked to money laundering, terrorist financing and proliferation financing.
The proposals are intended to demonstrate the effectiveness of the island’s anti‑money laundering and counter‑terrorist financing regime ahead of this year’s MONEYVAL assessment.
The Order and Regulations are now on the Tynwald Register of Business and will be considered at the May sitting. Further guidance will be issued to industry in the coming weeks.
