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4MLD: stricter UK transparency rules & EU to follow UK’s lead on PSC registers?

Posted on 13 July 2016 by Nicholas McVeigh. Source: Business Shapers

4MLD: stricter UK transparency rules & EU to follow UK’s lead on PSC registers?

The European Commission has proposed Fourth Money Laundering Directive (4MLD) amendments and early implementation.

As we have discussed in previous blog posts, as of 6 April most UK companies and LLPs have had to maintain a “register of people with significant control” (PSC register). From 30 June the information on those PSC registers is starting to become publicly available, as the time comes for the relevant company or LLP to file its “confirmation statement” (which replaced the annual return) at Companies House.

Not all EU member states had been planning to follow the UK’s public register approach to beneficial ownership disclosure. Proposals to amend 4MLD and the First Company Law Directive, announced on 5 July, look likely to change that. The proposed amendments would also mean that the corporate transparency regime in the UK would become stricter for certain corporate entities.

Read the full article here.

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