Money Laundering Bulletin - Winter 2013

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In This Issue:

*UK:

- News

- UK Court Proceedings & Enforcements Action

*International

- News

- International Enforcement Action

- Excerpt from UK: News: BENEFICIAL OWNERSHIP TO BE ON A PUBLIC REGISTER -

On 31 October 2013, David Cameron announced that the government will go ahead with plans to create a public central register detailing company ownership information. It is hoped that the register will encourage sound corporate behaviour, clamping down on shell companies which are capable of being used for tax avoidance and money laundering through complex structures. The register will assist money laundering reporting officers (MLROs) who are currently reliant on information obtained from the client and any selfconducted research. The register will provide details of any beneficial owners, i.e. those that hold more than 25 per cent of a company’s shares or voting rights. Despite this, the Financial Action Task Force and the European Union have urged caution over the use of the register, stating that it should not be solely relied on for information....

Please see full newsletter below for more information.

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Topics:  Anti-Money Laundering, Enforcement Actions, EU, Money Laundering, UK

Published In: General Business Updates, Criminal Law Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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