Register of beneficiaries launched in Norway

Norway has launched a register of beneficial owners of companies, but it will not be publicly accessible for now. Businesses that do not disclose the details of their ultimate owners will be fined starting next year.

The UK Trade Register has begun migrating its users to a new form of access to services

The UK Department for Business, Innovation and Skills (Companies House) has implemented the GOV.UK One Login access technology for certain services of its digital platform. The Trade Register has become the last of the forty UK government services to use this electronic tool, Public Technology reports, citing Peter Kyle, Secretary of State for Science, Innovation and Technology.

Ireland set to reform limited partnership register rules

The Irish government has drafted legislation that will replace the current Limited Liability Partnership Act 1907 and the Registration of Business Names Act 1963 when it comes into force. It will expand the registrar's powers and introduce additional reporting and disclosure requirements, Irish Legal News reports.

Isle of Man authorities hire firm to digitally verify company beneficiaries

The Isle of Man Central Register has announced it has hired cybersecurity firm SQR to provide “seamless verification” of the identity of beneficial owners of local businesses. This was reported by Global Government Fintech.

Beneficiaries, according to local law, are considered to be persons who control at least 25% of the shares or interests of companies registered in the Isle of Man.

Finnish authorities have begun mass exclusion of companies from the country's trade register

The Finnish Patent and Registration Office has removed about 1,500 limited liability companies and cooperatives from the country's trade register. This was reported by the Cision News portal.

Schmidt & Schmidt previously reported that about 5,200 Finnish companies could be excluded from the trade register in 2024.

Frankfurt wins competition to host pan-European anti-money laundering agency

Frankfurt (Germany) has become the leader in the competition to locate the headquarters of the EU Anti-money laundering authority (AMLA).

UAE may be removed from FATF's 'grey list' in the coming days

The United Arab Emirates could be removed from the Financial Action Task Force on Money Laundering (FATF) grey list in the next few days.

Estonian commercial register does not allow changes to the history of beneficial ownership

A businessperson who wanted to correct his company's data has discovered an important flaw in the work of the Estonian commercial register. The ERR portal writes about it.

Transparency International criticises European authorities for restricting journalists' access to beneficiary registers

Transparency International has criticised the authorities of a number of European Union member states for restricting journalists and non-profit activists from accessing registers of beneficial owners of businesses.

32 trillion dollars could be hidden from taxation, follows from the "Pandora's Archive"

Dozens of publications around the world have published investigations based on data obtained as a result of one of the largest leaks of information about offshore companies and their real beneficiaries in history.

Dominica introduces tax on international business

Effective December 31, 2021, IBC companies will be subject to income tax levied on global income at a rate of 30%.

Russia ahead of Europe and China in the ranking of Doing Business

In the new ranking of Doing Business Russia rose from 31 to 28 place, entering the TOP 30 and thus getting ahead of France and China. The leading positions are occupied by New Zealand, Singapore and Hong Kong.