The UK has enacted legislation to crack down on the abuse of anonymous companies, which are widely seen as a major conduit for illicit funds flows.
The legislation specifically calls for a public registry of beneficial ownership information.
The UK is the first country to enact such legislation but others are moving towards transparency as well.
In November, Denmark announced it would move forward with a public registry of its own.
The EU agreed in December to progress a proposal requiring member states to create central registries of beneficial ownership.
The EU registries may not be public, but would have to be made available to enforcement agencies, banks, and other parties with a legitimate interest in the information.
More information on the new UK law from the Parliament’s website can be found here
Categories: Trade Based Financial crimes News