The Isle of Man Financial Services Authority is launching a consultation on proposals to introduce a ‘legitimate interest’ route to access beneficial ownership information in the Isle of Man.
The aim is to support the prevention, detection or investigation of money laundering, terrorist financing and proliferation financing.
The proposals follow a joint commitment by the Isle of Man, Jersey and Guernsey to enhance access to beneficial ownership information, with appropriate safeguards in place to protect privacy.
The regulator is looking for feedback on how a legitimate interest framework could be introduced effectively and proportionately while being operationally workable.
Key proposals include:
- Introducing an application-based ‘legitimate interest’ access route, assessed case-by-case by the Central Registry.
- Defining the ‘interest test’ and evidential requirements for applications
- Setting the scope of information that may be disclosed where access is approved, limited to what is necessary and proportionate
- Establishing safeguards and controls
Tim Johnston MHK, Minister for Enterprise, commented: ‘The Isle of Man is committed to being a responsible and transparent jurisdiction, and to playing our part in tackling financial crime.
“This initial consultation seeks views on how we could introduce a clear and workable ‘legitimate interest’ route to access beneficial ownership information, for those who can demonstrate a genuine need connected to preventing, detecting, or investigating money laundering, terrorist financing and proliferation financing.”
