The Isle of Man Verification of Entity Registration Bill 2026 has completed its passage through the branches of Tynwald, marking a significant milestone in strengthening the island’s beneficial ownership framework and supporting the Island’s commitment to tackling financial crime.
The Bill will introduce measures to support the Island’s legislative framework for the registration, verification and oversight of legal entities, helping to ensure ownership information held across the Island’s registers is accurate, reliable and up to date.
These measures are designed to support the Island’s compliance with international standards, including the Financial Action Task Force recommendations and immediate outcomes, which set global standards for combatting money laundering and the financing of terrorism and proliferation.
Tim Johnston MHK (pictured), Minister for Enterprise, said: “The completion of the Bill’s stages in Tynwald represents an important milestone in our continued work to strengthen the Isle of Man’s beneficial ownership framework and wider AML/CFT regime.
“Maintaining high-quality, accurate and reliable information is essential to protect the Island from financial crime and reinforce our reputation as a trusted, well-regulated and co-operative international financial centre.”
Next steps will see the Bill prepared for Royal Assent with the UK Ministry of Justice, with the Department intending to bring forward the necessary regulations early in the next administration. Central Registry will work closely with industry representatives through a dedicated working group to support implementation and ensure businesses have appropriate guidance ahead of the new requirements coming into force.
The Bill forms part of a wider programme of work to strengthen the Isle of Man’s beneficial ownership arrangements, ensuring the Island can demonstrate that it remains a transparent, responsible and well-regulated jurisdiction with robust measures to combat money laundering, terrorist financing and proliferation financing.
