Isle of Man Enterprise Department Seeks Comments on Proposed Expanded Access to Beneficial Ownership Information

The Isle of Man Department for Enterprise May 5 opened a consultation on proposed expanded access to beneficial ownership information, to align with the EU’s sixth Anti-Money Laundering Directive (AMLD6). The proposal includes measures to: 1) introduce application-based legitimate interest access, assessed on a case-by-case basis by the Central Registry; 2) specify an interest test of legitimate purpose and necessity, and evidentiary requirements for applications; 3) outline the scope of disclosable information when access is approved, limited to what is necessary and proportionate; and 4) establish safeguards and controls, including exemptions from disclosure under certain situations, and restrictions on information ...