The Isle of Man’s Chief Minister, Alfred Cannan MHK, met with the UK Security Minister Dan Jarvis MP earlier today at the Home Office along with representatives from Guernsey and Jersey.
Discussions covered a number of areas, including progress on access to beneficial ownership by those with a legitimate interest, tackling illicit finance, and co-operation between the Isle of Man and the United Kingdom on law enforcement.
The Chief Minister (pictured) said: “I welcomed today’s constructive discussions, particularly the opportunity to emphasise the Isle of Man’s ongoing and unwavering commitment to supporting law enforcement agencies with access to information on the ultimate beneficial owners of any companies and entities registered in the Isle of Man.
“This co-operation has been in place since 2016 and is working extremely well, with the Island’s Financial Intelligence Unit providing information to UK law enforcement agencies in as little as an hour.
“On the point of making beneficial ownership data publicly available, the Isle of Man – alongside Guernsey and Jersey – continues to monitor developments and explore this policy area. However, the Crown dependencies remain concerned that such a policy could lead to a legal challenge. This follows a ruling by the Court of Justice of the European Union in November 2022 that open access to beneficial ownership would be incompatible with the European Convention on Human Rights around respect for a private life.
“We have again emphasised the importance and need for international standards in this area to provide clarity and to ensure a level playing field for all jurisdictions.”
The Chief Minister added: “Despite this significant hurdle, our talks were positive. I was able to update the Minister on the Isle of Man fulfilling its commitment to provide beneficial ownership information to entities obliged to conduct due diligence checks. This was implemented in December 2024, fully in line with our commitment to do so.
“I was also able to reassure the Minister that the Island can progress access for legitimate entities relatively swiftly, but with the European Union only now developing its definitions in this area, we will need to closely monitor developments and ensure alignment with EU standards.
“We will continue to work closely and positively with our partners in the UK, Guernsey and Jersey on these matters and I look forward to continuing our dialogue.”
