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Home News New EU UBO % de minimis [15% - 5%] – TIME TO REVISIT EDD POLICIES?
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New EU UBO % de minimis [15% - 5%] – TIME TO REVISIT EDD POLICIES?

29/03/2023

On 28 March 2023, the European Parliament announced that MEPs had approved stricter rules to close existing gaps in combatting money laundering, terrorist financing and evasion of sanctions in the EU.

UBOS

One standout agreement was where MEPs agreed that beneficial ownership [BO] means having

  • 15% plus one share, or voting rights, or other direct or indirect ownership interest, or
  • 5% plus one share in
  1. The extractive industry or
  2. A company exposed to a higher risk of money laundering or terrorist financing.”

THE FULL STORY - New EU measures against money laundering and terrorist financing

  1. MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs Committees adopted their position on three pieces of draft legislation on the provisions of funding of EU anti-money laundering and countering the financing of terrorism (AML/CFT) policy.
  2. The European Parliament will be ready to start negotiations on the AML/CFT package after a confirmation during a plenary session in April.

The package consists of:

  1. The regulation to establish the European Anti-Money Laundering Authority with supervisory and investigative powers to ensure compliance with AML/CFT requirements.
  1. The EU ‘single rulebook’ – regulation – with provisions on conducting due diligence on customers, transparency of beneficial owners and the use of anonymous instruments, such as crypto-assets, and new entities, such as crowdfunding platforms. It also includes provisions on so-called ‘golden’ passports and visas.
  1. The 6th Anti-Money Laundering – directive – To contain national provisions on supervision and Financial Intelligence Units, as well as on access for competent authorities to necessary and reliable information, e.g. beneficial ownership registers and assets stored in free zones.

SOURCE

 

EU

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.