The Central Registry sets out proposals to strengthen the Isle of Man's beneficial ownership framework, aimed at making it easier to identify who owns and controls companies and other legal entities in the Isle of Man. The reforms focus on two areas: updating the definition of "registrable beneficial owner" to align with the Financial Action Task Force (FATF) standard, and changing the information required where there is no registrable beneficial owner. Changes are being made through two instruments: the Beneficial Ownership Act 2017 (Amendment) Order 2026, which updates the definition of "registrable beneficial owner"; and the Beneficial Ownership Information Regulations 2026, which set out the steps required where an entity has no registrable beneficial owner. Under the Regulations, a legal entity's nominated officer will be required to submit details of the entity's senior managing official to the Department for Enterprise. Both instruments are before the May sitting of Tynwald. The Beneficial Ownership Act 2017 applies to a broad range of Isle of Man legal entities, including companies registered under the Companies Acts. Captive insurance companies domiciled on the island fall within scope and are required to maintain accurate beneficial ownership information on the Isle of Man Database of Beneficial Ownership through their nominated officer. The proposals are intended to ensure the Isle of Man continues to meet international standards on transparency and beneficial ownership, including the FATF recommendations, and to demonstrate the effectiveness of the island's anti-money laundering, countering the financing of terrorism and countering proliferation financing regime to MONEYVAL at its assessment later this year. Tim Johnston MHK, minister for enterprise, says: "The Isle of Man has a strong track record in corporate transparency. These proposals further strengthen our beneficial ownership regime by improving the quality, accuracy and reliability of information held on the database of beneficial ownership, in line with international standards. "By ensuring high-quality beneficial ownership information is maintained on the Database, we are helping to protect the Island from the risks associated with money laundering, terrorist financing and proliferation financing, while reinforcing our reputation as a well-regulated and co-operative international financial centre." Further guidance will be shared with industry representatives and published on the Central Registry website in the coming weeks.
