Statement says proposals would be inoperable for Crown Dependencies
The Isle of Man Government has described proposed changes to UK legislation that would affect the Island as "inoperable".
The Island has released a joint statement with the governments of Jersey and Guernsey strongly objecting to the amendments that have been put forward to the Financial Services (Implementation of Legislation) Bill.
If approved, the changes would mean the Crown Dependencies would have to keep public registers of beneficial ownership.
The statement says it is a respected constitutional position that the UK doesn't legislate on domestic matters for the Crown Dependencies without consent, which this contravenes.
It goes on to describe the proposed amendments as "wholly unnecessary" given the measures put in place by the three jurisdictions to combat tax evasion, money laundering and corruption.
The Chief Ministers of Jersey, Guernsey and the Isle of Man will be in London next week to discuss this issue.
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