Paul Beare participates in the IR Global Guide – Getting to know the UBO & selecting the right advisor
Foreward by Andrew Chilvers
When the 5th Anti-Money Laundering Directive was introduced into law by the UK and EU in January 2020, for many professionals it was a much needed addition to legislation that would significantly help business transparency and combat money laundering. In essence, it was good for business and for public and professional confidence.
All jurisdictions signing up to the 5th Directive will build and maintain UBO registries that will be publicly available at any time. UBO registries will also be set up for bank accounts and trusts, although these latter two will not be publicly available but be accessed by the relevant authority such as financial intelligence units and legal advisors looking into money laundering. Investigative journalists who can show a legitimate interest in the case can also have access, which is vital if another Panama Papers (see below) is to be uncovered. Across the UK and EU national UBO registers will be set to connect through a central European platform by April 2021.
Please provide a brief overview of the UBO Register in your jurisdiction and its history?
When a new company is registered with Companies House, you need to note who should go on the PSC Register. This is a publicly accessible database listing who the Person with Significant Control is/are. There could be more than one individual, corporate entity or trust – we look at this in further detail below.
For those companies already incorporated, you must ensure Companies House knows about your People with Significant Control (PSCs) when you file the Confirmation Statement.
As part of our setup process of new company formation, we compile and submit the PSC data. For existing companies this data is captured as part of the annual Confirmation Statement which we submit on our client’s behalf.
How can your firm ensure your clients are fully compliant with the new / existing requirements?
We capture this information as part of signing the Confirmation Statement. Some jurisdictions worldwide refer to this as the Annual Return.
What changes can we expect to see emerging, are any new proposals expected?
None for the foreseeable.