Before the Fourth EU Anti-Money Laundering Directive comes into
force and shortly after the UK referendum vote, the European
Commission has made a proposal to amend the directive and
accelerate its implementation.
Notwithstanding, the recent UK referendum vote, the changes to
company law introduced under Part 21A Companies Act 2006
(registers of persons with significant control), in force since 6
April 2016 already go a very long way to implement these new
The key additional requirements are:
to put in place central publicly available registers of
to further amend the very cumbersome definition of beneficial
ownership, setting a 10% materiality threshold in some cases,
rather than more than 25% in all other cases; and
to accelerate the transposition date of the Fourth Money
Laundering Directive by seven months to 1 January 2017.
We wait to see if this proposal is then adopted by the Council
of Ministers and the European Parliament. If it is, companies
will have a very short time to adjust to the new regime.
In addition, readers may also be interested to learn that
Guernsey has recently closed its consultation on its proposals for
a central register. The notable difference between the
Guernsey approach and that espoused by the UK government is that
Guernsey proposes for the register to be closed, available to
regulators but not open to public access.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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