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Scottish Limited Partnerships and Scottish Partnerships could soon find themselves within the scope of the PSC (People of Significant Control) regulations.
The PSC regulations require companies to identify anyone who:
PSC information must be notified to Companies House and maintained in the company’s Register of People of Significant Control.
In September 2016, the Treasury published a consultation paper on the transposition of the Fourth Money Laundering Directive (4MLD) into UK law.
As well as impacting on the UK’s current PSC regime by requiring the information to be current, PSC information will have to be filed in real time rather than annually through the confirmation statement. It is also likely to be extended to other types of entity that are currently exempt. These include Scottish Partnership and Scottish Limited Partnerships.
UK companies must implement 4MLD by 26 June 2017 so these types of organisations would be well advised to begin considering their position on this and plan accordingly.
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