British parliamentarians advanced a measure Wednesday that would create the country's first registry of corporate owners as part of a larger effort to shine light on opaque shell companies. The Small Business, Enterprise and Employment Bill would require businesses to report the identities of individuals who own or control more than 25 percent of their shares or voting rights. The information will be publicly available on a register maintained by Companies House, a Department of Business, Innovation and Skills agency tasked with incorporation. The reading follows the bill's June introduction to the House of Commons and clears the way for...
The U.K.'s national economic crime unit will launch a new assault on money laundering in what it sees as an essential fight to protect the country's reputation as a financial center, a top official in the agency said, in an interview with ACAMS moneylaundering.com.
The United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.
The Financial Action Task Force is weighing whether to ask jurisdictions to loosen their privacy laws and require companies to retain data on their owners, among other changes to the group's standards.