In the UK a regime is introduced regarding the so called ‘Persons with Significant Control‘ (PSC). It seems that this regime is different from the new ‘Ultimate Beneficial Owner’ (UBO) regulation of the European Union regarding anti money-laundering. Kirsty Adams of the UK law firm Cripps wrote an article on the British PSC, informing the reader that limited companies and LLPs will need to keep a PSC Register and that the PSC has the obligation to provide the information to the company. Failure to comply with the rules will be a criminal offence for the company and PSCs.
- Kirsty Adams, New Company Register (detailing the Persons with Significant Control) required from 6 April 2016