May 12, 2014
The Government has announced its intention to compile a central registry, monitored by Companies House, of all people who hold more than 25% shares in a company, voting rights in a company or who otherwise control the running of a company.
The intention behind the register is to clamp-down on tax avoidance and money laundering.
In addition, the Government intends to introduce new rules to prevent an individual from running a company where they have been convicted of a commercial crime overseas. The Government is also seeking to introduce new powers to award compensation for any victims affected by a disqualified director.
The plans are in the early stages and new legislation will be required. However this is an indication that the Government are looking to take a more regulatory approach in this arena.
