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Tynwald to consider changes to beneficial ownership law

Tuesday, 8 November 2022

Improved access to the Isle of Man Government’s beneficial ownership database will be permitted to certain organisations from 31 December 2022, if Tynwald approves proposed changes to the Beneficial Ownership Act 2017 next month.

The Beneficial Ownership (Obliged Entities Access) Order has been drafted to fulfil a political commitment made in 2019 alongside the other Crown Dependencies that full access would be granted by the end of 2022 for the purpose of customer due diligence checks.

The move underlines the Island’s continued and unwavering commitment to upholding international standards in the drive against money laundering and the financing of terrorism, in line with the Financial Crime Strategy 2021-2023, published in June 2021.

Treasury Minister Dr Alex Allinson MHK said:

‘The amendments contained within the Order being brought to the December sitting of Tynwald are designed to demonstrate the Island takes seriously both its commitment to fighting financial crime as well as its responsibilities on the international stage. The changes have been made in close consultation with Guernsey and Jersey and, if approved, will be in place by the end of the year.’

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