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Island commits to enhanced beneficial ownership sharing

Mon, 11 Apr 2016

The Isle of Man Government says it's committed to improving the sharing of 'beneficial ownership information' with the UK.

Both governments have been involved in an ongoing partnership to help each other tackle corruption, tax evasion and other serious criminality.

The arrangement means the Isle of Man and UK will provide law enforcement agencies with 'adequate, accurate and current' information on all corporate and legal entities incorporated in their jurisdictions.

From this commitment the Island will establish and maintain a central electronic database of beneficial ownership information.

This arrangement comes at an apt time following fresh justification that the Island is not a tax haven following revelations in the 'Panama papers'.

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