Responses to a consultation seeking views on whether a centralised registry containing information on the ownership and control of companies would improve transparency have been published today at https://www.gov.im/ConsultationDetail.gov?id=447.  

Cabinet Office received a total of 38 responses to its public consultation. These included submissions from individuals, non-governmental organisations and local companies, including those with international reach. The majority recognised the effectiveness of the Island’s existing regulatory regime and were not supportive of any proposal to create a central registry of beneficial ownership, whether or not it was open to the public.

The summary document provides an overview of the regulatory and political developments that have taken place in the period since the consultation in 2014 and the end of December 2015, gives details of the responses received and sets out the next steps for the Isle of Man Government.

The document states: “Whilst concluding that a public register will not be introduced, the Isle of Man Government has been carefully considering ways in which the Island’s current beneficial ownership systems could be improved to provide more timely and relevant information whilst keeping essential safeguards in place.

“After careful assessment of a number of options, the Isle of Man Government has identified a preferred way forward considering the ever increasing need to ensure the Island is not used for money laundering or the financing of terrorism, while at the same time being mindful of the needs of the Isle of Man’s economy.

“The Isle of Man Government will be working with industry on the way this can be achieved.”