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The government has set out the steps it will take to make it easier for authorities to identify the beneficial owners of corporate entities; these steps include changes to Company Law and Money Laundering regulations, and the creation of a publicly accessible central register.
This is in response to a commitment by the G20 leaders to combat the misuse of corporate entities for money laundering, the financing of terrorism and other illegal purposes by making it easier for authorities to identify the individual who genuinely owns and controls them.
The main changes are as follows:
i.Prohibit companies from having corporate directors (with some exceptions).
ii.Align legal duties for shadow directors more closely with those of individual directors.
Note, companies which retain bearer shares on 26 February 2016 will be required to apply to the court to cancel them and to pay into court an amount equal to the nominal value of the shares within 14 days of the cancellation together with any suspended distributions to ensure that all bearer shares are cancelled – ACT NOW
Exchange of information:
Money laundering regulations: