With the adoption by Scotland of the EU Fourth Money Laundering Directive (4MLD) of June 26, 2017, there have been some changes to the PSC Register suffered some modifications.
Companies were already under the obligation to keep a register of their PSC, but this information only had to be presented annually. With this new legislation, companies and Limited Liability Partnerships (LLPs) have 14 days to update their PSC register, and an additional 14 days to present the changes to the Companies House. In total, the companies and LLPS have a maximum period of 28 days from the date of the change to duly register it.
In addition, as of June 26, 2017, companies have to present a Confirmation Statement on an annual basis. This Statement must include a declaration of any update regarding the state of the capital, the shareholders, the SIC codes and if the company is trading in any stock market and its DTR5 state.
This modification extends the scope of the PSC Register to include the Scottish Limited Partnerships (SLPs) and the General Scottish Partnerships (SPs) in which the partners are corporate bodies. After July 24 of this year, these companies have to update their information with the Companies House within 14 days of any change and, just like the rest of the companies; they have to present an annual Confirmation Statement. Notwithstanding, the authorities have not stated which are the standards to identify the PSC of a SLP, what information they will have to submit and if some SLPs will be exempt.
Some information of this register, such as dates of birth and PSC domiciles, is public for some authorities, but with these modifications the access will be extended to financial intelligence agencies, competent authorities and entities obligated to execute due diligence of clients, as well as law enforcement bodies without exception.
Photo by Sorin Tudorut
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