Irina Otrokhova

Rumors regarding the introduction of an electronic register of beneficiaries in European jurisdictions have been around for a long time and finally, they have become real. On May 30, 2018, the European Union issued Directive 2018/843 amending EU Directive 2015/849 dated 20.05.2015.

The Directive implements 22 predicate offences for money laundering which must be uniform in all Member States.

Transparency tendencies continue to win over international corporate community, including offshore jurisdictions. There’s nothing new about the fact that certain offshore jurisdictions have already defined requirements on maintaining the register of directors, collecting information on shareholders and beneficiaries.

In 2006 The International Business Companies Act 2016 (hereinafter – the Act) superseding The International Business Companies Act 1994 was published in the Seychelles. This act has introduced a number of changes, among which there are two main requirements – submission of information about directors and ultimate beneficiary owners [...]