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Isle of Man faces financial transparency crackdown

Sat, 02 Mar 2019

The Isle of Man, Jersey and Guernsey face a financial transparency crackdown, after UK MPs demand the names of corporate owners are revealed.

Currently, the Island is exempt from EU rules requiring countries to publish registers of the real owners of companies.

Tory MPs have pushed a parliamentary amendment, demanding that the crown dependencies introduce public registers by the end of 2020.

The proposal will be debated on Monday and is likely to succeed. Energy FM News understand at least 20 Conservative MPs have said they will back the amendments.

The governments of Jersey, Guernsey and the Isle of Man have released a joint statement following the proposed bill.

"We are not represented in the UK Parliament, and it is a respected constitutional position that the UK does not legislate for the Crown Dependencies on domestic matters without our consent.  The proposed amendments are contrary to the established constitutional relationships that exist between the United Kingdom and each of the Crown Dependencies and, if passed, would produce inoperable legislation."

The Chief Ministers of all three jurisdictions will be holding meetings in London on Monday.

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