A government consultation is seeking views on proposals to introduce a ‘legitimate interest’ route to access beneficial ownership information in the island.

Its aim is to support the prevention, detection or investigation of money laundering, terrorist financing and proliferation financing.

The proposals follow a joint commitment involving the Isle of Man, Jersey and Guernsey to enhance access to beneficial ownership information, with appropriate safeguards in place to protect privacy and personal safety.

Government’s Central Registry is seeking feedback on how a legitimate interest framework could be introduced in a way that is effective, proportionate and operationally workable, and that reflects the island’s legal framework and evolving standards in respect of access to beneficial ownership information.

Key proposals within the consultation include:

- Introducing an application-based ‘legitimate interest’ access route, assessed case-by-case by the Central Registry.

- Defining the ‘interest test’ (legitimate purpose and necessity) and evidential requirements for applications.

- Setting the scope of information that may be disclosed where access is approved, limited to what is necessary and proportionate.

- Establishing safeguards and controls, including exemptions from disclosure in specified circumstances and restrictions on use.

Minister for Enterprise Tim Johnston commented: ‘The Isle of Man is committed to being a responsible and transparent jurisdiction, and to playing our part in tackling financial crime.

‘This initial consultation seeks views on how we could introduce a clear and workable “legitimate interest” route to access beneficial ownership information, for those who can demonstrate a genuine need connected to preventing, detecting, or investigating money laundering, terrorist financing and proliferation financing.

‘We want to hear from industry and other stakeholders on their views on the right safeguards required, including how we protect privacy and personal safety while ensuring the framework is effective in supporting financial crime prevention.’

Further information available online at consult.gov.im

The consultation is will conclude on June 30.