Manx beneficial ownership to be shared with Europe's largest economies

Friday, 22 April 2016 00:00

Automatic exchange of Manx beneficial ownership information has been agreed with the five largest European economies.

The Isle of Man Government agreed the move - which has been spearheaded by the G5; the UK, France, Germany, Italy and Spain.

Companies, trusts, foundations, shell companies with law enforcement and tax administrations will now have to disclose their beneficiaries.

International regulator, the OECD, and the Financial Action Task Force have been entrusted to develop the new system.

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