The Isle of Man Treasury has launched a consultation on the draft Beneficial Ownership Bill 2017, which seeks to give effect to the Island’s obligation arising from an Exchange of Notes with the UK to introduce a central database of beneficial ownership for corporate and legal entities incorporated in the Isle of Man by 30 June 2017. The legislation includes that each legal entity will be required to appoint a nominated officer to whom legal owners must provide details of all beneficial owners and their interests. The nominated officer must then submit the required details of the "registrable beneficial owners",...