The Department for Business, Energy and Industrial Strategy (BEIS) has issued a consultation on Article 30 of the Fourth Money Laundering Directive.
Article 30 requires that EU Member States hold accurate, adequate and current information on the beneficial ownership of corporate and other legal entities incorporated within their territory, on a central register, made available to the relevant authorities.
All UK companies, including charitable companies, who are registered under the Companies Act 2006 are required to maintain a register of people with significant control over the company – this is known as the PSC register. The PSC register meets most of the Article 30 requirements however some amendments and additions may be needed and these may affect Scottish Charitable Incorporated Organisations (SCIOs).
The consultation runs until 16 December 2016 and more information can be found online at the address below: