The Chief Minister says there's the potential for a constitutional crisis if the next UK government tries to force the Island to introduce a public register of beneficial ownership.
Mr Bell was speaking at a sitting of the Tynwald Economic Review Committee yesterday afternoon.
He faced questions from the committe about work going on in government to offset any potential negative impact following the outcome of next month's UK General Election.
Mr Bell said there was a "serious drive" to ensure that some changes to the transparency in ownership of private companies is brought in:
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