Corporate and trust services providers have raised concerns about the proposed central register of company ownership.

The Beneficial Ownership Bill passed its clauses stage in the House of Keys last week.

This central database will go live on July 1 this year, following a commitment made to the Westminster government in April last year.

It will contain details of the beneficial owners of the widest possible range of corporate and legal entities incorporated in the Isle of Man.

External intelligence and law enforcement agencies will be able to request information via the Financial Intelligence Unit, under the terms of the agreement with the UK.

The island is committed to respond to requests within 24 hours - or within as little as one hour for urgent requests.

But the Association of Corporate Services Providers has written to all Tynwald members to express concern at a provision which requires all legal entities covered by the Act to appoint a nominated officer.

Treasury Minister Alfred Cannan has responded in a letter to MHKs ahead of the Bill’s clauses stage.

He said the timetable to progress this legislation was ’incredibly tight’ but the island remained committed to meeting its obligations with the UK.

Mr Cannan said the government’s over-riding policy objective is to ensure there is a single point of responsibility for compliance with submitting beneficial ownership details on to the database.

And he said that the position of nominated officer, which is not new as it is included in the 2012 Beneficial Ownership Act, is viewed as the most appropriate way of achieving this objective.

In the Keys, LibVan Ramsey MHK Lawrie Hooper raised concerns about the guidance which is to be issued regarding the definition of a beneficial owner.

He suggested that the Financial Services Authority should consult on the guidance which is likely to be very comprehensive.

Mr Hooper said: ’Because of the very broad definition of beneficial owner included in the Bill, it means the Bill just cannot function without guidance.

’The guidance therefore has to be viewed as an integral part of the Bill. So there should be a statutory provision, a statutory requirement, to consult on that guidance.’

But Mr Cannan said that would risk the Bill being delayed.

He said: ’Not only is there a significant danger that if such a process happens it disintegrates into a huge timely exercise that means our commitments are not met, but it does leave the FSA completely exposed both on that front and to possibly having set itself a dangerous precedent going forward.’

Mr Hooper insisted it did not have to be a timely consultation but his amendment was defeated by 18 votes to five.