UK to Amend Key Legislation on Money Laundering

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The British Parliament have adopted amendments to the bill introduced by the government on sanctions and measures to combat money laundering.

The main purpose of the amendments is to make commercial activities as transparent as possible. The amendments also introduce the obligation of the British Overseas Territories to disclose the names of the offshore accounts’ owners.

The adopted amendments reduce the level of confidentiality of information regarding companies registered in the British Overseas Territories and lead to even greater transparency of such structures.