Chief Minister Howard Quayle has welcomed recognition of the island’s commitment to its financial responsibilities from the FBI.

Acting deputy assistant director Steven D’Antuono highlighted the "immense value" placed on the Isle of Man’s position on the sharing of beneficial ownership information with law enforcement agencies.

Mr D’Antuono was giving evidence to the United States Senate’s banking, housing, and urban affairs committee when he praised the work undertaken by the Crown Dependencies in providing law enforcement agencies with information on beneficial ownership.

He told the committee: ’The UK has enacted perhaps the most robust beneficial ownership legislation to date. The UK has registers of beneficial ownership for three different types of assets: companies, real property, and trusts.

’In July 2017, bilateral agreements between the UK and the Crown Dependences and Overseas Territories related to the sharing of beneficial ownership information went into effect.

’These Crown Dependencies and Overseas Territories include the Isle of Man, the British Virgin Islands, the Cayman Islands, and many others.

’Under the terms of these agreements, UK law enforcement has access to company beneficial ownership information in support of investigations.

’This information must be made available within 24 hours of a request.

’Our colleagues at the UK’s National Crime Agency have continually noted the immense value of such information in their investigations.’

Information on the beneficial ownership of companies is publicly available in UK and a public beneficial ownership database is set to launch by 2021 for property owned by overseas companies and legal entities. The trusts register is not public, but is available to law enforcement agencies upon request.

Mr Quayle said: ’I welcome the FBI’s recognition of the Isle of Man’s arrangements for the sharing of beneficial ownership information, which are clearly valued by law enforcement agencies and proving effective.

’The Isle of Man is committed to playing its role as a responsible member of the international community in tackling financial crime in all its forms.’