During the last several years, one of the topical issues is the transparency of beneficial owner information of all corporate and legal entities, for a number of reasons: preventing money laundering and terrorist financing, tax evasion. FATF recommendations, EU legislation, OECD requirements essentially belong to the same issue which is the transparency of the ownership of companies, funds, trusts.
On 26 June 2017 the final implementation of the 4th Anti-Money Laundering Directive, AMLD came into force in the UK. The UK anti-money laundering measures were also amended. As far as you know, PSC Register is already existed in UK from April 2016, and now we want to review the changes in the UK legislation, which came into force on June 26, 2017 for the implementation of the 4th Directive,
as follows:
1. Private Limited Company (LTD), Limited Liability Partnership (LLP):
· From 26 June, 2017 any PSC changes should be indicated in the PSC Register within 14 days of the change. Also, you have 14 days to inform the Registrar (Companies House) of any changes to PSC information on the regular basis.
2. Scottish Limited Partnerships (SLP):
· From 24 July, 2017 you need to give PSC information to the Registrar (Companies House) when registering a new SLP.
· From 26 June, 2017 active SLPs must identify their PSC and from 24 July, 2017 send this information to the Registrar (Companies House) within 14 days (to 06 August, 2017!). Any further PSC changes must be sent to the Registrar (Companies House) within 14 days of the change. Every year, you must confirm the details are correct when you file the Confirmation Statement.
3. General Scottish Partnerships (SP):
· From 26 June, 2017 any SP, where all the partners are corporate bodies, need to identify their PSC. From 24 July, 2017 they must register this PSC information with the Registrar (Companies House). Any further PSC changes must be sent to the Registrar (Companies House) within 14 days of the change and the information must be confirmed every year on a Confirmation Statement.
Please, contact us and we will provide you with more details on this issue.
