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.
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