Financial Regulatory Developments Focus - August 01, 2018 Issue 30/2018

AML/CTF, Sanctions and Insider Trading

UK Proposals for a Register of Beneficial Ownership for Foreign Entities

On July 23, 2018, the U.K.'s Government Department for Business, Energy & Industrial Strategy launched a consultation on a draft Bill that would introduce a register of beneficial owners for overseas legal entities that own U.K. property. Since April 6, 2016, the U.K. has required U.K. companies, limited liability partnerships and societates europaeae to establish and maintain a register of persons with significant control over them and since June 30, 2016 and those entities have been required to file such information with Companies House where it is publicly available on the People with Significant Control register.