Analysis Of The Proposals Put Forward By Uk Government ( Department For Business, Innovation & Skills )

1032 Words Jun 22nd, 2015 5 Pages
In the analysis of the proposals put forward by UK Government (Department for Business, Innovation & Skills (BIS) paper on ‘Transparency & Trust) and other intergovernmental agencies such as the Financial Action Task Force (Guidance on Transparency and Beneficial Ownership Recommendations 24 and 25) , G20 (High-Level Principles on Beneficial Ownership) and the European Commission (Fourth Money Laundering Directive) to increase the transparency of beneficial ownership of legal structures, some core principles have been highlighted with a view to protecting the integrity of the financial system. These principles stressed the need to understand who ultimately own companies and other legal arrangements by mandating that countries maintain a central registry for beneficial ownership information, the abolition of bearer share ownership and control of a company through corporate directors or nominee directors.
The European Commission in its Fourth EU Anti-Money Laundering Directive included in its proposals that there should be a level of transparency of beneficial ownership of companies and trusts including the requirement for such information to be held on public registers. In November 2014, the G20 summit also adopted the new High Level Principles on Beneficial Ownership Transparency9 that states that countries should ensure that beneficial ownership information is “maintained onshore and that information is adequate, accurate and current”, a requirement derived from FATF…
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