Publication of BO information in Luxembourg opens the path to legal claims   After the adoption of the EU Fourth Anti-Money Laundering Directive (4AMLD) in 2017, Luxembourg imposed on all businesses to identify their ultimate beneficial owners and register their data on to the Luxembourg Business Register (LBR), which in turn publishes it on the...Read More

Company register in Cayman Islands is officially open From October 1, 2020 the registers of companies and limited liability companies (LLCs) prescribed by the Companies (Amendment) (No.2) Law 2020 and the Limited Liability Companies (Amendment) (No.2) Law 2020 of the Cayman Islands are officially active The laws were introduced in response to the Financial Action...Read More

US tackling shell companies’ money-laundering problem in new Defense Bill   Following persistent criticism of the Financial Action Task Force, regarding the lack of transparency of true owners of US shell companies, the Senate Banking Committee have reached an agreement on anti-money laundering legislation with the support of the American Bankers Association, the Bank Policy...Read More

UK government clarifies trust registration rules following 5AMLD Her Majesty’s Revenue and Customs (HMRC) has published the outcome of a technical consultation on the implementation of the EU Fifth Anti-Money Laundering Directive (5AMLD) and its impact on trust registration. It has been clarified that offshore trustees entering into a business relationship in the UK will...Read More

Mass commitment for British Overseas Territories in the opening of beneficial ownership registers With the introduction of the Sanctions and Money Laundering Act 2018, the UK government committed to issue a draft Order in Council before the end of 2020 to enforce the set-up of publicly available beneficial ownership (BOs) registers in all Overseas Territories...Read More