Beneficial Ownership regime fine imposed

Failure to appoint nominated officer

The Companies Registry has issued notice of a prosecution under the Companies Beneficial Ownership Act.

It's after Magistrates recorded a conviction against "Global Steel Holdings Limited" whose registered office is on Parliament Street in Ramsey.

The company had failed to appoint and maintain a nominated officer under Section 5 of the Companies (Beneficial Ownership) Act 2012.

There was no appearance from the company and it was fined £1,000 with costs of £250.

Director of the Central Registry, John Wilkinson, says the ruling is important as it demonstrates the effectiveness of data gathering and investigations and the Isle of Man’s commitment to pursuing prosecutions for non-compliance.

He's also reminded firms that they are required to meet all their obligations under the Act, including appointing a nominated officer who is the person responsible for submitting beneficial ownership information.

The legislation was recently updated in line with the Isle of Man Government’s commitment, made to the UK last year, to enhance arrangements for the collection and sharing of information about the beneficial ownership of corporate and legal entities.

Further information about beneficial ownership is available on the Companies Registry website 

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