Tag Archives: beneficial ownership

FATF Presidency updates on priorities

FATF has taken the opportunity of a new president (from Argentina), to update on its objectives. Key objectives will include: deepening knowledge and understanding of terrorist methodology and encouraging information sharing; promoting financial inclusion, including looking closely at de-risking and de-marketing; enhancing transparency and integrity of financial flows, with particular focus on beneficial ownership information; […]

TI warns on SLP risks

Transparency International has welcomed the changes the Government has made to implement the MLD4 beneficial ownership requirements in respect of Scottish Limited Partnerships. It had previously expressed significant concerns that the unique features of SLPs enabled them to be used as shell companies and present a “respectable” UK front to illicit activity. Surveys by TI […]

EU publishes MLD 5 negotiating mandate

The Presidency of the Council of the EU has published the negotiating mandate it hopes will progress MLD 5 negotiations. It wants the incoming Presidency to start talks with the European Parliament on key changes to MLD 4, including changes to address risks linked to pre-paid cards and virtual currencies, improving co-operation between investigating agencies, […]

Presidency publishes MLD5 compromise

The Presidency of the EU has published a further compromise text on MLD5. Its proposed changes include abolishing the minimum threshold for remote payment transactions using general prepaid cards, strengthening cooperation between financial intelligence units, and requiring Member States to apply proportionality when deciding whether to make beneficial ownership registers public.

LMA responds to Treasury consultation on MLD4

The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to disclose the beneficial ownership of legal entities needs to be clarified to avoid disruption to legitimate corporate activities which use beneficial […]

FATF reports on Beneficial Ownership

FATF has reported to G20 finance ministers on how it is progressing its aims on availability and exchange of beneficial ownership information. It plans to focus on progress in its upcoming peer reviews.