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Beneficial Register MPs visiting IOM

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46 minutes ago, b4mbi said:

All as clear as mud... that guidance indicates that UK cannot legislate for us directly without our agreement. So if we don't agree to a public beneficial ownership register, on the grounds that we already have an effective, regulated beneficial ownership register fully accessible to law enforcement, public registers not international norm, can UK really enforce this "nosey parkers charter" on us?  What happened to privacy? 

I see the issue as one of compliance with EU legislation

See chubby is boasting we've been taken off their greylist today

So long as we comply with EU legislation & hold this 'Letter of Entrustment' then the case ought to be referred to ECJ or somewhere

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37 minutes ago, Donald Trumps said:

I see the issue as one of compliance with EU legislation

See chubby is boasting we've been taken off their greylist today

So long as we comply with EU legislation & hold this 'Letter of Entrustment' then the case ought to be referred to ECJ or somewhere

Our existing registers fully comply. A register doesn’t have to be available for public access to comply. Few countries have public registers. The U.K. doesn’t.

There is no EU requirement for the BO register to be open.

The legislation is to transpose EU law into English law for Brexit, as the Crown Dependencies aren’t in the EU, and never have been, for these purposes, it’s grandstanding by Hodge and Mitchell to try and push their amendment.

Of course they’re back benchers, not the government. The constitutional conventions are between the U.K. and IoM governments, not IoM and back benchers.

The solution is obvious. Eventually open registers will be the norm, IoM will change to open registers. The amendment will be passed, but subject to an appointed day order, or in amended form giving the government the power by regulation to make the IoM have public/open registers if IoM doesn’t legislate them itself. 

Honour preserved, it’ll sit on the shelf, nothing will happen, and eventually there’ll be a conversation between Whitehall and Government Office a la Yes Minister.

”I say old boy, more than 100 countries and territories have open registers, we are now adopting them here, you’ve got 12 months before we exercise our powers”

The irony is JRM in his recent interview about his profit from his share in the investment fund being visibly shaken and insisting he was entitled to privacy.

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Actually, the UK Register is public. The EU only requires it be open to persons with a "legitimate interest". The UK went further and opened it to all.

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2 hours ago, Augustus said:

Actually, the UK Register is public. The EU only requires it be open to persons with a "legitimate interest". The UK went further and opened it to all.

This is all just another Brexit political distraction / shit-storm as the U.K. hits the skids. 

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2 hours ago, Augustus said:

Actually, the UK Register is public. The EU only requires it be open to persons with a "legitimate interest". The UK went further and opened it to all.

Yes, and no. It’s public but the information it contains is unchecked and grossly innacuarate.

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24 minutes ago, John Wright said:

Yes, and no. It’s public but the information it contains is unchecked and grossly innacuarate.

Well you could say the same about newspapers - and they're certainly public.. But it's clear that the EU is moving on to public registers according to the HoC Library Briefing:

Quote

However, amendments to the Anti-Money Laundering Directive (AMLD 5) agreed on 20 December 2017 between the European Parliament and the Council included provisions to make beneficial information in the registers public:

Confidence in financial markets from investors and the general public depends in large part on the existence of an accurate disclosure regime that provides transparency in the beneficial ownership and control structures of corporate and legal entities as well as certain types of trusts and other legal arrangements. Member States should therefore allow access to beneficial ownership information in a sufficiently coherent and coordinated way, by establishing clear rules of access by the public, so that third parties are able to ascertain, throughout the Union, who are the beneficial owners of corporate and legal entities as well as certain types of trusts and other legal arrangements.

It also says "Member states must ensure that legal entities incorporated within their territory (for example, companies) obtain and hold adequate, accurate and current information on their beneficial ownership".

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Posted (edited)

We are on AMLD 4 at the moment - as you say AMLD 5 requires a public register but I don’t think we’re due to adopt until next year. But it is a requirement of AMLD 5 which many E.U. member states have already adopted. 

Edited by MrPB
Typos
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15 hours ago, Augustus said:

Actually, the UK Register is public. The EU only requires it be open to persons with a "legitimate interest". The UK went further and opened it to all.

But it is apparently very badly regulated & some bloke recently added a well known politician to his board of directors without permission

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12 hours ago, MrPB said:

We are on AMLD 4 at the moment - as you say AMLD 5 requires a public register but I don’t think we’re due to adopt until next year. But it is a requirement of AMLD 5 which many E.U. member states have already adopted. 

Big Howard has stated that we will comply

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