Guidance on beneficial ownership registration released in the Isle of Man

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The Isle of Man government has published guidance on how to observe and fulfill with the Beneficial Ownership Act 2017, which requires all legal entities to report their ultimate beneficial owners to a central database. Beneficial Owners who have the legal requirement to register are defined as natural persons who own or control a 25% shareholding or higher of a relevant legal entity. The guidance will be sent for parliamentary approval this week. Going forward, service providers and legal entities based in the Isle of Man have until August 1st 2017 to register on the database, which went live this month.