The arrangement, which is still being finalised, will provide Isle of Man and UK law enforcement agencies with ‘adequate, accurate and current’ beneficial ownership information on all corporate and legal entities incorporated in the jurisdiction.
The database will not be available to the general public.
Constructive discussion
IoM chief minister Allan Bell said: “This has been achieved through ongoing constructive discussion and is an important demonstration of our long-standing partnership to tackle corruption, tax evasion and other serious criminality.
“The Isle of Man is not a place where criminals can find a welcome. We have a strong track record of compliance with international standards and this commitment with the United Kingdom will further strengthen our defences against criminal activity.
“A truly global approach to tax transparency and information sharing is needed to fight the scourge of serious crime. As a well-regulated and internationally responsible country, the Isle of Man is committed to playing its part in efforts to achieve meaningful progress,” Bell said.
Panama
The announcement follows a challenging week that has brought the world’s offshore jurisdictions under close scrutiny.
The leak of the Panama Papers from law firm Mossack Fonseca shone an unwanted spotlight on the offshore activities of some of the wealthiest people in the world.
High profile names, including Lionel Messi, David Cameron, Iceland’s prime minister Sigmundur Gunnlaugsson, Jackie Chan, and King Salman of Saudi Arabia, were uncovered among the 11.5 million documents.
OECD
In response to the document leak, the Organisation for Economic Cooperation and Development will convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network.
In a meeting of senior tax administration officials from around the world, to be held in Paris on 13 April, JITSIC will explore areas of co-operation and information-sharing, identify tax compliance risks and agree collaborative action, in light of recent revelations.
