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In AML & Financial Services Regulatory

Spain: The new version of the UNE 19601 Standard on Management System for Criminal Compliance has been published

by and 3 Mins Read

On 24 April 2025, the revised version of UNE 19601 Standard on Management System for Criminal Compliance was published, replacing the previous version from 2017. UNE 19601 is the reference standard in Spain for implementing a criminal compliance management system and it covers the requirements of the Spanish Penal Code as well as international standards in the field.
The general approach of the initial version is maintained, although modifications have been introduced to adapt it to regulatory changes (primarily, those in the Spanish Penal Code and whistleblowing management standards) and international standards of recent years (such as ISO 37301:2021 or ISO 37002:2021).

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In Corporate Compliance

Spain: Draft Law on Transparency and Integrity of interest groups’ activities (lobbying activities)

by , and 6 Mins Read

The parliamentary process of the Draft Law on Transparency and Integrity of Lobbying Activities within the General State Administration and its institutional public sector has already begun. The initiative aims to transform the opaque perception of interest groups at the state level by imposing greater transparency obligations and recognizing them as legitimate, responsible, and open actors in influencing policy design and public decision-making. However, it remains to be seen whether the current text will undergo significant modifications during the parliamentary process.

In Corporate Compliance

United States: Enforcement of CTA and BOI reporting rule suspended against US companies and citizens

by 2 Mins Read

Over the past week there have been two significant announcements by US Financial Crimes Enforcement Network and the US Department of the Treasury with respect to the filing of beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA). Based on these announcements, foreign reporting companies should technically continue complying with the BOI requirements, though there will be no consequences for failing to do so until new regulations are issued. As to domestic reporting companies, there should not be any enforcement of the CTA against such companies or consequences if such companies fail to file BOI reports.

In Corporate Compliance

United States: Enforcement of CTA and BOI reporting rule suspended against US companies and citizens

by 2 Mins Read

Over the past week there have been two significant announcements by US Financial Crimes Enforcement Network and the US Department of the Treasury with respect to the filing of beneficial ownership information reports under the Corporate Transparency Act. Based on these announcements, foreign reporting companies should technically continue complying with the BOI requirements, though there will be no consequences for failing to do so until new regulations are issued. As to domestic reporting companies, there should not be any enforcement of the CTA against such companies or consequences if such companies fail to file BOI reports.

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In Anti-Corruption

United States: Spring brings CTA reporting deadline

by , and 3 Mins Read

As of 18 February 2025, the US Treasury’s Financial Crimes Enforcement Network is once again authorized to enforce the beneficial owner interest (BOI) reporting provisions of the Corporate Transparency Act . Therefore, beneficial ownership interest report filing by Reporting Companies is once again mandatory with an extended deadline of March 21, 2025, for many companies.

In Antitrust / Competition

South Africa: The new subsection 45 (2A) of the Companies Act – Striking the right balance

by , and 2 Mins Read

On 26 July 2024, President Cyril Ramaphosa signed into law the Companies Amendment Bill and the Companies Second Amendment Bill, introducing significant changes to the Companies Act 71 of 2008. Effective from 27 December 2024, one key change is the new subsection 45(2A), which exempts financial assistance provided by a company to its subsidiaries from the stringent requirements of section 45. This amendment aims to reduce the compliance burden and enhance business flexibility by eliminating the need for shareholder approval and the solvency and liquidity test for such financial assistance.

In Corporate Compliance

Luxembourg: Reform on conversions, mergers and divisions in the wake of the Mobility Directive

by and 1 Min Read

On 23 January 2025, the Luxembourg parliament adopted draft Bill No. 8053 (“Law”), transposing Directive (EU) 2019/2121 on cross-border conversions, mergers and divisions, commonly known as the Mobility Directive, into Luxembourg law.
This Law introduces significant changes to Luxembourg’s legal framework on corporate conversions, mergers and divisions, particularly for cross-border operations within the European Economic Area (EEA), while providing certain clarifications on domestic and non-EEA cross-border transactions, which are otherwise maintained.

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In AML & Financial Services Regulatory

Luxembourg: Restricted access to the Register of Beneficial Owners — a shift toward confidentiality

by , , , , and 7 Mins Read

On 27 January 2025, the law deriving from draft Bill No. 7961 (“Law”) introducing significant changes to the laws governing the Register of Beneficial Owners (Registre des BĂ©nĂ©ficiaires Effectifs (RBE)) and the Trade and Companies Register (Registre de Commerce et des SociĂ©tĂ©s) was published in the Luxembourg official journal.
These changes align with the ruling of the Court of Justice of the European Union of 22 November 2022, aiming to balance transparency for anti-money laundering and countering the financing of terrorism purposes with enhanced privacy protections.

In Corporate Compliance

Hong Kong: Proposed re-domiciliation regime

by , , , and 8 Mins Read

On 20 December 2024, the Hong Kong government gazetted the Companies (Amendment) (No.2) Bill 2024 (“Bill”) which introduces Hong Kong’s long awaited inward re-domiciliation regime. The Bill was introduced to the Legislative Council on 8 January 2025 and once enacted, will enable non-Hong Kong incorporated companies to relocate their domicile to Hong Kong, while maintaining their legal identity and business continuity.

In AML & Financial Services Regulatory

US Supreme Court lifts injunction on Corporate Transparency Act, reporting requirements still on hold

by , and 1 Min Read

On 23 January 2025, the US Supreme Court granted the US government’s application to end the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) issued by the District Court in Top Cop Shop on 3 December 2024. This injunction is currently on appeal with the Fifth Circuit. However, a separate nationwide order that also stayed the CTA beneficial owner reporting deadline remains in place. This order was issued by a different federal judge in Smith v. US on 7 January 2025.

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