Offshore structures have not disappeared — but they are transforming to survive amid the implementation of international financial transparency standards.
The discussion on the implementation of public beneficial ownership registries for companies in the UK overseas territories continues in the UK Parliament. This is reported by MercoPress.
The Philippines aims to launch a business beneficiaries registry in 2025 to avoid being placed again on the 'gray list' of the Financial Action Task Force on Money Laundering (FATF). This was reported by BusinessWorld.
Members of the British Parliament have urged the government to apply pressure on the authorities of the British Virgin Islands to ensure the transparency of the beneficial ownership of companies. This is reported by The Guardian.
The Supreme Court of the Indian state of Kerala issued a ruling that declared information contained in government registers public. This was reported by Verdictum.
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.
A federal district court in Alabama has ruled unconstitutional the US Corporate Transparency Act, which requires a number of categories of companies to report their beneficial owners to a registry run by the Financial Crimes Enforcement Network - FinCEN. The decision was made as part of the National Small Business Association's lawsuit against US Treasury Secretary Janet Yellen.
Ireland is developing a strategy to implement the decision of the European Court of Justice on access to the register of beneficial owners of companies.
Private companies registered under the Ontario Business Corporations Act will be required to maintain a Register of Transparency of Persons with Significant Control.
51% of companies registered in Spain and formally considered active do not actually work. This is evidenced by the results of a study carried out by Iberinform, a subsidiary of Crédito y Caución.
Due to the need to be reflected in the name of the Department (bureau) The Registrar of Companies and the official liquidator of Cyprus of the full range of competencies, the local authorities decided to rename it.
Luxembourg business registries have published a notice of technological improvements in the Trade Register. In addition, the information on the correspondence between the address and the Luxembourg identification number will be additionally checked.
The Government of the Cayman Islands has published preliminary provisions for the creation of a centralized register of beneficial owners, replacing the current system in which companies keep records of their controlling persons.
From April 22 to June 11, 2021, the changes in the procedure for creating and maintaining the register of the issued EAC Certificates and EAC Declarations will be publicly discussed.
The Hong Kong SAR government has announced plans to block access to the legal address and ID numbers of directors and secretaries of Hong Kong companies in the company register.
The government of the British Virgin Islands has introduced five new laws introducing significant changes to various aspects of trust and property law.
On the 24th of December a festive season begins. And it will be last until the beginning of January 2020. It is worth emphasizing that the post also has certain difficulties in shipping. In fact, many government agencies stop working on the 20th December. Before you have taken any steps, be sure that the relevant office is still open.
