One country considered high risk for money laundering and three medium-risk nations are negotiating to share company ownership records with the world's first open access, cross-border database of corporate beneficiaries, say sources.
British businesses must collect and store data on their beneficial owners as of Wednesday, under a milestone deadline for the U.K.'s plan to launch a public register aimed at improving corporate transparency.
Wealthy foreign criminals may be actively targeting the U.K.'s hedge fund industry in an attempt to launder illicit proceeds, according to sources in London and Moscow.
The United Kingdom will consolidate data on land ownership by foreign firms and consider additional steps to crack down on the use of shell companies to purchase property with illicit funds.
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