The Isle of Man must keep a sharp focus on external challenges to protect its economic interests during a period of unprecedented international change and uncertainty.

That was the message from Chief Minister Allan Bell MHK this week after a visit to London which saw him sign a ground-breaking agreement on sharing beneficial ownership information.

Mr Bell, accompanied by Home Affairs Minister Juan Watterson MHK and senior Government officers, also continued talks on the implications for the Isle of Man of a UK exit from the EU, meeting supporters of both the Remain and Leave campaigns.

Under the agreement signed by Mr Bell and UK Treasury Financial Secretary David Gauke MP, the Isle of Man Government has committed to establishing and maintaining a central electronic register of information on the beneficial ownership of companies and providing this within twenty four hours or in urgent case within one hour. This will enhance the provision of such information to law enforcement and tax authorities.

The Chief Minister said the Isle of Man had gained further recognition externally for its work on the beneficial ownership issue, and for its mature and pragmatic approach.

He commented: ‘The Island has no choice, if we are to safeguard our economy, but to keep on engaging with the international agenda on tax transparency, which is now moving faster than ever before.’

In addition to the renewed international focus on offshore issues, said Mr Bell, it was clear that the Isle of Man would have a lot of work to do to protect its position if the UK’s referendum on June 23 produces a vote to leave the European Union.

‘All of this will coincide with the run-up to our own House of Keys general election’, said the Chief Minister, ‘It is absolutely vital that we do not allow electioneering to distract us from the defence of the Island’s long-term national interests during this critical period.’

Mr Bell added that his talks in London this week had included meetings with counterparts from Jersey and Guernsey.

He explained: ‘As Crown Dependencies Jersey and Guernsey have the same Protocol 3 relationship with the EU, via the UK, as the Isle of Man. We are in the same boat on this issue and we have agreed to continue working together to protect our interests.’