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

Royal Decree extends obligations for UBOs of Belgian legal entities   On September 23, 2020 a Royal Decree amending 2018 procedures on beneficial ownership (UBO) register of legal entities and introducing new disclosure obligations was published in Belgium. The major changes involve: The percentage of shares or voting rights in Belgian companies, which before had...Read More

Directors of UK firms to be subject to mandatory verification   Following an announcement from the government’s Department for Business, Energy and Industrial Strategy (BEIS), mandatory verification procedure involving prospective directors of UK firms and company’s persons with significant control (PSCs) has recently been introduced in UK with the aim to increase transparency in the...Read More

Consultation over BO register continues in Jersey   After the enactment of the Financial Services (Disclosure and Provision of Information) Law, on July 14th, Jersey Government has started discussions over the introduction of secondary legislation over the practical provisions for disclosure of information on beneficial ownership (BO) registers. “Secondary legislation will be crucial in order...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