The Isle of Man Government today (12th April, 2016) signed an exchange of letters with the United Kingdom Government confirming its commitment to enhance arrangements for providing information on the beneficial ownership of companies.

Under the agreement the Isle of Man has committed to establishing and maintaining a central electronic register of information that will allow accurate and current information to be provided to law enforcement and tax authorities as quickly as within one hour in urgent cases.

The signing took place in London between Isle of Man Chief Minister Allan Bell MHK and the Financial Secretary to the UK Treasury David Gauke MP.

While the deal is the result of long and sustained discussions, the signing comes a day after a statement in the House of Commons by UK Prime Minister David Cameron. In his remarks he recognised the Isle of Man for taking important steps to improve transparency that put it well ahead of many other jurisdictions. These measures include exchanging taxpayer financial account information automatically and providing law enforcement and tax authorities with timely access to information about who owns and controls companies.

The Chief Minister welcomed the agreement: “The Isle of Man has a strong track record of compliance with international standards and has continued to work with the United Kingdom to help set an example for a global solution to tackling corruption, money laundering, terrorism financing and other serious and organised crime.

“A truly global approach to tax transparency and information sharing is needed and the Isle of Man is committed to playing its part in efforts to achieve meaningful progress.”

Photo - Chief Minister Allan Bell and David Gauke MP.