Manx financial regulators to get access to company ownership records

Alex Allinson says a consultation over further changes to the register's access would be launched

Extending access to company ownership information on the Isle of Man will "allow far better governance", the treasury minister has said.

Tynwald will be asked to approve giving financial regulators access to the beneficial ownership register, which lists any person who owns more than 25% of a company.

Alex Allinson said it would help prevent money laundering.

The island has committed to creating a public register next year.

The latest phase would see certain financial institutions and the Financial Services Authority and the Gambling Supervision Commission given access first.

'Highest standards'

The Isle of Man, Guernsey and Jersey previously made a joint commitment to make the records available to the EU, businesses, and the general public by 2023.

Dr Allinson said while company ownership had always been important, it had become even more so this year with the imposition of sanctions on Russia and entities with Russian links.

Beneficial ownership came to the fore in 2019 for the crown dependencies when there were concerns they could be put on a grey or black list for not complying with some EU directives.

Dr Allison said extending the access to the register would ensure the island was seen as a "well-regulated jurisdiction" that maintained the "highest standards of governance in terms of companies registered here".

A consultation on how the register will be made more accessible will be held before further changes are brought forward next year.