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Prosecution under the Companies (Beneficial Ownership) Act

Thursday, 7 September 2017

The Companies Registry has issued notice of a prosecution under the Companies Beneficial Ownership Act.

Following consideration by Magistrates at the Courts of Justice on 24 August 2017, the Magistrates recorded a conviction against the company ‘Global Steel Holdings Limited’ whose registered office is 3 Auckland Terrace, Parliament Street, Ramsey.

The Prosecuting Advocate, James Robinson, from the Attorney General’s Chambers proved the case against Global Steel Holdings Limited for an offence under Section 5 of the Companies (Beneficial Ownership) Act 2012.  The company, which did not make an appearance, was fined £1000 and costs of £250.

John Wilkinson, Director of the Central Registry commented:

‘Section 5 of the Act required the company to appoint and maintain a nominated officer; which it failed to do. Compliance with the Act is not optional and the Department will take action when companies don’t comply. This ruling is important as it further demonstrates the effectiveness of our data gathering and investigations and the Isle of Man’s commitment to pursuing prosecutions for non-compliance.

‘I would like to take this opportunity to remind firms that they are required to meet all their obligations under the Act, including appointing a nominated officer who is the person responsible for submitting beneficial ownership information.’

The legislation was recently updated in line with the Isle of Man Government’s commitment, made to the United Kingdom last year, to enhance arrangements for the collection and sharing of information about the beneficial ownership of corporate and legal entities.

Other Crown Dependencies and the British Overseas Territories have all made the same commitment.

Further information about beneficial ownership is available on the Companies Registry website

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