Only three of the European Union's 28 member states launched beneficial ownership databases by the bloc's June 2017 deadline and many of the national databases will not be fully searchable until 2018 at the earliest, according to records reviewed by ACAMS moneylaundering.com. The bloc's Fourth Anti-Money Laundering Directive, or 4AMLD, which was adopted in May 2015, requires member states to create centralized registers listing individuals who ultimately own or control more than 25 percent of a business in the European Union, and provide financial institutions with access to those records when conducting due diligence. "Infringement proceedings" were launched in July...
U.K. overseas territories will not be required to set up public registers of beneficial ownership after Prime Minister Theresa May's government struck a deal with lawmakers to allow the passage of new anti-money laundering rules before national elections commence in June.
EU lawmakers Tuesday voted overwhelmingly in favor of a proposal that would expand beneficial ownership requirements to cover offshore trusts in efforts to prevent their misuse by tax evaders, money launderers and other financial criminals.
EU lawmakers seeking to strengthen the bloc's controls against financial crime beyond what is currently being considered will pitch more rigorous transparency requirements for trusts, virtual currencies, prepaid cards and bank and payment account holders.
The European Union's executive body on Tuesday proposed a host of new rules to fight money laundering and tax evasion, including plans to require nations to make corporate ownership data publicly available.
British businesses must collect and store data on their beneficial owners as of Wednesday, under a milestone deadline for the U.K.'s plan to launch a public register aimed at improving corporate transparency.