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Companies House announces changes to UK anti-money laundering measures (20 April 2017)

Date: 20/04/2017
Duncan Lewis, Business Immigration Solicitors, Companies House announces changes to UK anti-money laundering measures

Companies House has announced that there will be changes to existing anti-money laundering measures, beginning on 26 June 2017.

The new measures are intended to help prevent money laundering and terrorist financing, by increasing the transparency of who owns and controls companies in the UK.

Companies House said in a statement that the legislation would make changes to current requirements about people with significant control (PSC) information.

From 26 June, PSC will not be updated on the confirmation statement (CS01) – instead, information will have to be logged on forms PSC01 to PSC09 whenever there is a change.

There will be a timescale of 14 days to update a company register and another 14 days to send the information to Companies House.

There will be changes to exemptions also – DTR5 companies are exempt from requirements to hold information about their PSC. From 26 June, these exemptions will change – and companies may need to provide PSC information.

If a company is traded on an EEA or Schedule 1 specified market, it is still exempt. However, if a company is not exempt, PSC information will need to be sent to Companies House when changes take place.

The impact on different types of corporate bodies will involve Scottish Limited Partnerships (SLP) – from 24 July, active SLPs must register PSC information with Companies House within 14 days of any changes. Every year, SLPs must confirm the details are correct – and from 24 July, companies will need to give PSC information when registering a new SLP.

From 24 July, any General Scottish Partnerships (SPs) where all the partners are corporate bodies will need to register PSC information with Companies House and advise of any changes within 14 days, confirming the information every year on a confirmation statement.

There will be changes to the protection regime – when SPs and SLPs provide Companies House with PSC information, the protection regime becomes available to them.

Companies can apply for a restriction so information is not disclosed on the public register – only specified public authorities can access this information currently for company types in scope of PSC requirements.

The new anti-money laundering legislation extends this to credit and financial institutions, as these carry out customer due diligence.

Where appropriate, Companies House will make protected PSC information available to them.

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Our specialist business crime solicitors advise on false accounting, failure to keep adequate records, breach of bankruptcy restrictions, embezzlement, extortion, VAT and tax evasion, misrepresentation, company fraud, financial fraud and white collar crime.

Duncan Lewis Solicitors can liaise with investigating authorities, including HMRC, The Insolvency Service, SFO, FCA, BEIS and City of London Police.

There are Duncan Lewis offices across England and Wales – and a Duncan Lewis criminal defence lawyer can usually reach a police station for interview under caution within an hour. Duncan Lewis is a leading provider of Legal Aid criminal defence services.

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For expert legal advice on all business offences, call Duncan Lewis business crime solicitors on 0333 772 0409.

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