Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Printer Friendly Version
Article 30 of the Fourth Anti-Money Laundering Directive (Directive 2015/849/EU) (MLD4) requires all Member States to hold central registers on company beneficial ownership information from 26 June 2017.
Member States can opt to make their register public, or at a minimum ensure law enforcement, obliged entities and others with a 'legitimate interest' have appropriate access to the information. Whilst the UK has met its 2013 G8
commitment to establish a publicly accessible central register of information on beneficial ownership (the PSC Register), there are some differences between the PSC and MLD4 regimes.
In particular, the directive requires the central register at Companies House to be kept up-to-date at all times, whereas under the confirmation statement provisions of the CA 2006 companies are only required to update their information annually.
Further issues include whether the PSC regime must be extended to encompass a wider scope of legal entities, including co-operative and community benefit societies, building societies, friendly societies, credit unions, CIOs, Scottish partnerships and
Royal Charter organisations.
Article 31 of the directive also provides that Member States shall require trustees of any express trust governed under their law (whether the trust generates tax consequences or not) to obtain and hold adequate, accurate and up-to-date information on
beneficial ownership of the trust and make this information available to competent authorities and the relevant Financial Intelligence Unit (in the UK this is the National Crime Agency). Further, the directive requires that the beneficial ownership
information is held in a central register when the trust generates tax consequences.
HM Treasury, in September 2016, published a Consultation on the transposition of the Fourth Money Laundering Directive.
The closing date for comments to be submitted is 10 November 2016.
By Ed Davies, Solicitor, Corporate
0330 161 1234