On 24 March I blogged about the new money laundering legislation due to come into force on 26 June 2017. Companies House has now issued a press release called “Changes to the UK anti-money laundering measures”.
The press release anticipates the introduction of the following measures designed to increase the transparency of those who own and control UK companies or Scottish partnerships:
From 26 June, PSC information will not be updated using the annual confirmation statement (form CS01) but a new form (PSC01 to PSC09) will be required whenever there is a change. Companies will have 14 days to update their PSC register and another 14 days to file the required form.
DTR5 companies are currently exempt from the PSC requirements. From 26 June, there will be changes and such companies may need to provide PSC information. If the company traded on an EEA or Schedule 1 specified market, it will remain exempt. If not, PSC information will need to be supplied to Companies House.
From 24 July, the PSC regime is being extended to active Scottish limited partnerships and general Scottish partnerships.