The Isle of Man Financial Services Authority published a press release, issued by the Department for Enterprise, on the Verification of Entity Registration Bill 2026 completing its passage through Tynwald. The bill is presented as a step in strengthening the Isle of Man’s beneficial ownership framework by adding measures for the registration, verification and oversight of legal entities, with the aim of keeping ownership information across the Island’s registers accurate, reliable and up to date. The measures are intended to support the Isle of Man’s compliance with international standards, including the Financial Action Task Force recommendations and immediate outcomes on combating money laundering and the financing of terrorism and proliferation. The release also places the bill within a broader programme to strengthen beneficial ownership arrangements and the wider anti-money laundering and countering the financing of terrorism regime. Next steps are for the bill to be prepared for Royal Assent with the UK Ministry of Justice. The Department intends to bring forward the necessary regulations early in the next administration, while Central Registry will work with industry representatives through a dedicated working group and issue guidance ahead of the new requirements coming into force.
Isle of Man Financial Services Authority2026-07-01
Isle of Man Financial Services Authority highlights Tynwald passage of bill to strengthen beneficial ownership verification and oversight
The Isle of Man Financial Services Authority published a Department for Enterprise release saying the Verification of Entity Registration Bill 2026 has completed its passage through Tynwald. The bill would strengthen registration, verification and oversight of legal entities to improve the accuracy and reliability of beneficial ownership information. Next steps are Royal Assent and follow-on regulations, with Central Registry to work with industry on implementation guidance.