A consultation is seeking views on proposals to update the Island’s corporate laws, to ensure alignment with international standards for anti-money laundering, countering terrorist financing and proliferation financing.
The proposed reforms will help transform the Companies Registry from a passive document receiver to an active gatekeeper, enhancing oversight of the registers and compliance with international legal frameworks.
By upholding high standards of transparency and robust financial crime prevention, the Government reaffirms its commitment to maintaining the Island’s position as a responsible international finance centre – an approach that will be demonstrated through the effectiveness of its AML/CFT/PFT framework at next year’s MONEYVAL assessment.
Key proposals from the consultation include:
- Updating legislation to meet Financial Action Task Force (FATF) Recommendation 24 requirements.
- Standardising across the Corporate Laws the basic and beneficial ownership information held by the Registry.
- Introducing measures to prevent the misuse of nominee shareholdings including new disclosure requirements.
- Enhancing national and international cooperation and information sharing with other authorities and agencies.
Tim Johnston MHK (pictured), Minister for Enterprise, commented: “Maintaining the Isle of Man’s reputation as a responsible and transparent international finance centre is a key priority for this Government.
“The proposed reforms to our corporate laws form an important part of our commitment to ensure the Island’s legislation is fit for purpose and aligns to global standards. The Isle of Man is committed to robust financial crime prevention and to supporting legitimate business. I encourage members of our business community to take part in this important consultation.”
