Your SlideShare is downloading. ×
Approach taken by registries to obtain beneficial owner information   jo jones
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.


Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Approach taken by registries to obtain beneficial owner information jo jones


Published on

Published in: Business

  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide


  • 1. making limited liability work“ ”
  • 2. Beneficial Ownership Information in the UK Jo Jones United Kingdom
  • 3. Background: the beginning Companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily G8 Lough Erne Declaration 18 June 2013  Commitment by G8 leaders to reforms to ensure we know who really owns and controls companies  Requiring companies to obtain and hold information on their beneficial ownership, and for the UK  Setting up a Central Registry of that information at Companies House
  • 4. Background: first steps  July 2013 Discussion paper to gather views from interested parties followed by engagement with stakeholder groups  October 2013 Announcement that information in the registry would be publicly accessible: tackling company misuse and promoting good corporate behaviour  March 2014 Government response
  • 5. Why a Central Registry?  To supplement, not replace, measures to counter money laundering and the financing of terrorism  To enable the UK to deliver on action plan commitments  Ensuring access to information – Direct access for overseas authorities – A one stop shop for law enforcement and tax authorities  Access without the company being aware
  • 6. Why Public?  The best way to meet the UK’s objectives of – Tackling the misuse of companies – Promoting good corporate behaviour  Public access gives the quickest access  To ensure accuracy – Provides a check on companies – and an additional check on service providers  Confidential information will remain confidential
  • 7. What will the Registry hold? Beneficial owners: Individuals with an interest in more than 25% of a company’s shares or voting rights, or who otherwise control how it’s run  Information collected to be similar to that for directors e.g. – name, address, date of birth, nationality, occupation  Exactly what information is held, how much is made public and how frequently it’s updated is being agreed  This will be announced in the Government response
  • 8. What about burdens on business?  Companies are already required to provide beneficial ownership information to financial institutions – These measures will require it to maintain this information – and ensure that the central registry is updated  In requiring companies to obtain and hold information we – will give them the same statutory tools as public companies, and – propose a parallel requirement on beneficial owners to disclose  Deregulatory measures will help to ease the burden – Making it easier to supply information – Making it easier to own information and check it’s correct
  • 9. What about impact on business?  We recognise fears about displacement of businesses to other jurisdictions  We further recognise that companies value confidentiality: but secrecy is not sustainable – It creates vulnerability which is exploited by criminals – To counter this we need a sustainable, transparent business model – Many businesses will recognise benefits  Some information will be kept out of the public domain – The UK will establish a framework of exemptions – Information will still be accessible to law enforcement and regulators
  • 10. What other measures are being taken on Trust and Transparency? The discussion paper proposed measures on:  A central registry of beneficial ownership information  Enhancing transparency around nominee directors  Possible prohibition of: – Creation of new bearer shares – Corporate directors  Strengthening the system for tackling the small minority of company directors that don’t follow the rules
  • 11. In summary Shining a light on who really owns and controls companies: Requiring companies to know who controls them, holding that information in a central registry and making it public but Minimising the burdens of doing it, not penalising honest companies and and protecting those who need it