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.
Plans to expand access to data identifying the beneficiaries of companies and trusts following a massive leak of documents from a Panamanian law firm last year now enjoy broad support in the European Parliament, say sources.
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.
A U.K. plan to require foreign businesses to disclose their owners when purchasing property would give bank compliance teams more data to sift through and more work to complete, say industry experts.