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 “The EU Fourth Money Laundering Directive adopted in June 2015”

Beneficial Owners Legislative Changes

Latest news Issued By Companies House concerning changes to the Companies Act for preparation of new Money Laundering Regulations requiring a public register of any beneficial owner and helping to restore trust and transparency in UK companies.

The measures include abolition of bearer shares and the restriction of corporate directors. better use of the statement of capital and a certificate of no change could see the end of the annual return for many

What?

The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and contains a number of measures which together represent significant change for customers.

Why the changes?

The measures aim to

  • reduce red tape whilst increasing the quality of information on the public register
  • enhance transparency and ensure the UK is seen as a trusted and fair place to do business

 

Impact to customers?

All companies will be affected by at least some changes as the measures will change legal requirements on companies, including what they file.

In order to deliver the measures by their proposed dates, the changes will be made to existing Companies House systems and processes.  Continue reading “Beneficial Owners Legislative Changes”

Expert Witness Money Laundering Regulations

Steve O’Neill, a Director of Business Tax Centre Limited, is embarking on membership and qualifications for becoming a recognised expert witness for Compliance with the Money Laundering Regulations.

Steve has chosen The Academy of Experts at 3 Gray’s Inn Square, London. The two day course on the 16th and 17th December 2014 covers the range of skills needed to be competent in this area, from report writing to court room skills.

The Expert Witness Foundation Course is an intensive study through both the theory and more practical aspects of being an Expert Witness. The course concentrates on the Expert’s Report and the Role & Responsibilities of the Expert with a brief introduction into the Procedure Rules (CPR & CrPR) and preparation for going into court.

Disciplinary Tribunal

Expert witness works complements the works Steve already undertakes as a member on the Disciplinary Tribunal of the Association of Accounting Technicians. Stephen has accumulated over fours years’ experience in this roll.

AML – CDD on property Transactions

 AML – CDD on property Transactions

The accountancy sector quite regularly account for the treatment of rental income from second homes or holiday lettings or advise on the capital gains tax on disposal of such a property.

This article may be of importance to the accountancy and tax sector because on 1 April 2014 HMRC take over the supervision of the estate agent sector from the OFT, this experience gained from the OFT staff will be brought across into HMRC and the supervision of the accountancy service providers.

Continue reading “AML – CDD on property Transactions”

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 “Transparency and Trust Discussion Paper”