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IoM To Enhance BO Info Exchange With UK

by Jason Gorringe, Tax-News.com, London

14 April 2016


The Isle of Man Government has committed to enhancing the effectiveness of arrangements to share "beneficial ownership" information with the United Kingdom.

To this end, arrangements are being finalized that will ensure that law enforcement agencies in the UK and the Isle of Man are provided with adequate, accurate, and current beneficial ownership information on all corporate and legal entities incorporated in their jurisdictions.

As part of the arrangements, the Isle of Man will establish and maintain a central electronic database of beneficial ownership information.

The IoM's Chief Minister, Allan Bell, said: "This has been achieved through ongoing constructive discussion and is an important demonstration of our long-standing partnership to tackle corruption, tax evasion and other serious criminality."

He said "The Isle of Man is not a place where criminals can find a welcome."

Bell added: "We have a strong track record of compliance with international standards and this commitment with the United Kingdom will further strengthen our defenses against criminal activity. A truly global approach to tax transparency and information sharing is needed to fight the scourge of serious crime. As a well regulated and internationally responsible country, the Isle of Man is committed to playing its part in efforts to achieve meaningful progress."

TAGS: money-laundering | Isle of Man | compliance | tax | tax avoidance | law | United Kingdom | enforcement | standards

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