In April 2016, new rules were brought in requiring companies to disclose Persons with Significant Control (PSC). PSCs are those who own at least 25% of a company’s shares, hold at least 25% of the company’s voting rights or have control over appointments to the board of directors.

The PSC register is designed to reduce the ability of money launderers to store and funnel cash using apparently legitimate corporate entities.

While the majority of companies are complying, 57,227 companies re not, which is undermining government attempts to clamp down on money laundering with the latest anti-money laundering rules.

 

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