EUROPEAN IMPLEMENTATION OF THE 5TH AML DIRECTIVE AND ULTIMATE BENEFICIAL OWNERSHIP (UBO) REGISTERS

On 29th March, Allen & Overy published an article saying that the Directive entered into force on 9th July 2018, with an implementation deadline of 10th January 2020 (which may include the UK, depending on the terms of the Brexit transition period) and an implementation date of 10th January 2019 for provisions relating to anonymous safe deposit boxes.  Among the changes introduced by the Directive is the requirement to provide wider access to each Member State’s central register of beneficial ownership of corporate entities – so that they can now be accessed by the general public without the need for them to show a ‘legitimate interest’.  The article includes a table that provides an overview of how some Member States are implementing the requirement to maintain UBO Registers in their national law.

http://www.allenovery.com/publications/en-gb/Pages/European-implementation-of-5MLD-and-Ultimate-Beneficial-Ownership-(UBO)-Registers-Q4-2018.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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