British Overseas Territories Push Back on UK Public Registry Mandate
An assembly of 50 UK MPs are attempting to add clauses to the Financial Services (Implementation of Legislation) Bill to mandate the following British Overseas Territories to create public registers of company beneficial ownership:
- the Isle of Man.
The respective governments of these Crown Dependencies have stated that the revisions would be “conflicting to the established constitutional relationships” between the UK and Crown Dependencies. The UK government have suspended a scheduled debate on the Bills implementation incase the “unworkable legislation” is approved for parliamentary ascension.