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The EU Fourth Money Laundering Directive adopted in June 2015

The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015.

One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017. The UK has been ahead of other Member States in creating its own central register. The directive draws heavily on the UK model although there are some minor differences between the two regimes. Continue reading

Changes to the Names Regulations

Changes to the Names Regulations

Changes have been made to the names regulations for improving and simplifying them. It changes have resulted after consultation which also considered the need to maintain the current regulations which, primarily, set out rules regarding ‘same as’ names and ‘sensitive’ words and expressions.

When the changes apply

The regulations came into force on 31 January 2015.

The regulations concerned are:

  • The Company, Limited Liability Partnership and Business (Sensitive Words and Expressions) Regulations 2014, and
  • The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2014 Continue reading

Annual Return Reminders

Reminder notices for Annual Returns and Accounts filing

The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and should receive Royal Consent in early 2015. The bill contains a number of measures which together represent significant change for customers from a transparency point of view.

You should also bear in mind the PSC Register that is People with Significant Control which will be a mandatory public register. Continue reading

Guidance on the purchase of own shares by a company

HMRC have published a new help sheet for advance clearance applications in relation to the purchase of own shares by unquoted trading companies.

The help sheet, which is meant for use in straightforward situations, explains the conditions that must be met before a payment by a company to purchase its own shares can be treated as an exempt distribution. It also provides details of how a company can make a clearance application in connection with the purchase of own shares legislation.

The help sheet also contains two excellent clearance application checklists, one for purchase benefitting a company’s trade and one for purchase in connection with IHT

The help sheet is available from HMRC.

Transparency and Trust Discussion Paper

Transparency and Trust Discussion Paper to aid Money Laundering Regulations Compliance 

Scope of the Paper

On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and improving the accountability of company directors, to comply with the Money Laundering Regulations.
Continue reading