The Manx Government has objected to ’wholly unnecessary’ amendments to a UK bill which would force the Crown Dependencies to create a public register of the real ownership of companies.

It’s a move that could trigger a constitutional crisis if the UK was seen to be legislating over the Isle of Man.

The Manx government along with Jersey and Guernsey have issued a joint statement outlining their objections to the UK’s Financial Services (Implementation of Legislation) Bill.

The amendments have been tabled by 40 MPs and stands a real chance of being voted through given Theresa May’s slim majority.

The proposed changes look to introduce a public beneficial ownership register, which is hoped to reveal money laundering, the proceeds of people trafficking and other crimes in tax havens under UK jurisdiction.

In 2016, the UK created its own publicly accessible register.

If approved, the new legislation will come into action by the end of 2020.

The Crown Dependencies claim that if passed it would ’produce inoperable legislation’ as it would ’adversely impact the effectiveness’ of procedures already in place.

The statement clarifies that they are ’not represented in the UK Parliament’, adding that ’it is a respected constitutional position that the UK does not legislate for the Crown Dependencies on domestic matters without our consent’.

’The Crown Dependencies cannot support any step that would adversely impact the effectiveness of our beneficial ownership registers, dilute the commitments we have made to transparency or reduce the robustness of our regulation,’ the statement read.

’All Crown Dependencies are committed to the highest standards of financial services regulation and transparency.

’Our jurisdictions are parties to Exchange of Notes for Beneficial Ownership information with the UK and are committed to the aim of exchanging adequate, accurate and current information on beneficial ownership to help combat tax evasion, money laundering and corruption.

’These arrangements were reviewed in 2018 and found to be effective; the 2019 review is underway.’

All three governments have said they are engaging with the UK Government and parliamentarians on the issue with the Chief Ministers holding a meeting in London on Monday (March 4).