Beneficial Owner register not to be public
The crown dependencies, including the Isle of Man, won't be forced to have an open and public register of beneficial owners.
The House of Commons has been debating the Sanctions and Anti-Money Laundering Bill this afternoon at Westminster.
The British Government conceded that overseas territories, such as the Cayman Islands and British Virgin Islands, will be required to introduce a register revealing the beneficial owners of assets held in the jurisdiction.
It's suggested this measure was introduced to avoid a defeat for the government just two days before the local elections.
As a consequence, an amendment from Bishop Auckland MP Helen Goodman to include the crown dependencies as well as the overseas territories was not put forward.
The Chief Minister Howard Quayle travelled to London yesterday to lobby MPs ahead of today's debate.
The Isle of Man has a register of beneficial owners which is not public but is open and accessible to law enforcement agencies when investigating suspected criminal activities.
Foreign Office Minister Sir Alan Duncan made the case for the crown dependencies at the beginning of the debate:-
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