Friday 4 November 2016

UK: Implementing the Fourth Money Laundering Directive - Article 30 and beneficial ownership information

The Department for Business, Energy and Industrial Stragegy has published a discussion paper setting out possible options for the implementation of Article 30 of the Fourth Money Laundering Directive (Directive (EU) 2015/849): see here (pdf). Article 30 requires, broadly put, that Member States maintain central registers in respect of the beneficial ownership of companies and other legal entities (e.g., unregistered companies, credit unions; building societies). The Government's position is that the UK's existing PSC regime meets most of the requirements of Article 30 but that some additions and amendments are needed including bringing additional entities within the regime.

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