FEARS PROPOSED UK LAW CHANGE ON BENEFICIAL OWNERSHIP COULD PREVENT SCRUTINY OF MONEY LAUNDERERS AND HAMPER MEDIA

The Guardian on 9th July reported on an open letter to the foreign secretary, Jeremy Hunt, has about 80 signatories including the son of the murdered anti-corruption reporter Daphne Caruana Galizia and journalists from the Guardian, Times and BBC.  Updates to the beneficial ownership register in the light of the 5th Money Laundering Directive include proposals published by HM Treasury this year that journalists and researchers will have to present evidence of wrongdoing before accessing the register.  The letter argues that by submitting evidence to HMRC to determine whether access to the register should be granted, it is possible that HMRC could initiate an investigation, which can often take many years, during which time it is unlikely that any journalism or research could be published.  The signatories are also concerned by the negative connotations that the UK government attached to journalists and researchers using the transparency created by the legislation to make “speculative enquiries”.

https://www.theguardian.com/world/2019/jul/09/fears-uk-law-change-could-prevent-scrutiny-money-launderers

 

This blog is primarily for my own use, to keep informed and up to date.  However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s