The Manx government today launched a consultation to gather views on the island’s current regime for identifying the beneficial ownership of companies, and whether a centralised registry of such information would improve transparency.
The consultation is in line with the commitment given by the government in its G8 Action Plan, published last year, that it would conduct an assessment of its beneficial ownership regime including consideration of a centralised registry.
As well as providing background, the consultation document poses a wide range of questions covering various aspects of the issue including availability of information held by a centralised registry if one were introduced.
Beneficial ownership is meant to reveal who really benefits from ownership of a company, to ensure that the identity of its owners is not hidden by measures such as companies owning other companies.
Further information on the consultation is available here.