Do UK Territories Need Beneficial Ownership Info Registers?
Law360 (January 8, 2019, 3:43 PM EST) -- Within its 65 sections, the Sanctions and Anti-Money Laundering Act, or SAMLA, covers two subjects: All but three sections provide for a framework of sanctions implementation in the United Kingdom following Brexit. The remaining three sections, precisely sections 49 to 51, deal with discrete anti-money laundering, or AML, issues, most controversially including the proposed introduction of publicly accessible registers of beneficial ownership information on companies (public UBO registers) in the U.K. overseas territories, or UKOTs.
Whilst the departure of the U.K. from the European Union may, in time, have profound implications on the sanctions policy to be adopted in the UKOTs,...
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