Chief Minister in London for talks ahead of Commons debate

Concerns over amendment to Anti-Money Laundering Bill

Chief Minister Howard Quayle is in London for discussions ahead of a House of Commons debate centred on beneficial ownership arrangements.

An amendment has been lodged to the UK’s Sanctions and Anti-Money Laundering Bill calling for a public register of beneficial ownership to become mandatory in the Crown Dependencies and a number of British Overseas Territories.

Mr Quayle has held talks with MPs and officials in Westminster, in addition to meeting the Chief Ministers of Jersey and Guernsey.

The Crown Dependencies have jointly reiterated the long-established constitutional position that the UK does not legislate for them without their consent.

Mr Quayle says the Isle of Man, along with Jersey and Guernsey would expect this constitutional arrangement to be respected . . and together they will resist any orders that breach that convention.

He adds that the Island already has robust systems in place for sharing information about the beneficial ownership of companies and legal entities . . . . and points out the central registry can provide law enforcement authorities with beneficial ownership information on all corporate and legal entities incorporated in the Island within one hour in urgent cases.

He states that the Island would move towards a public register of beneficial ownership IF that becomes the agreed global standard and expresses his wish for a level playing field.

The Isle of Man made a commitment in April 2016 to enhance its long-standing arrangements for sharing information on the beneficial ownership of companies and other legal entities and was praised by the UK Government for taking important steps to improve transparency that put it well ahead of many other jurisdictions.