People With Significant Control Regime: Expanded Scope And More Regular Reporting

Changes to the UK's regime for the disclosure by companies of their significant controllers (the PSC regime) took effect on 26 June 2017. The changes ensure that UK legislation is compliant with the EU's Fourth Anti-Money Laundering Directive.

Background:

The UK introduced its PSC regime in April 2016. The purpose of the regime is to promote corporate transparency and to deter the abuse of UK companies (and LLPs), for example as vehicles for money laundering and tax evasion.

From 26 June 2017, the EU's Fourth Anti-Money Laundering Directive (the Directive) has introduced a regime for the disclosure of significant controller information across all EU and EEA countries. While the UK's existing domestic regime is broadly compliant with this Directive, some changes have been necessary to bring it into line with EU legislation. The main changes concern the categories of body corporate now within scope and the timing and frequency of reporting.