With the desire of the government to comply with international financial and money laundering regulations, many new laws have been enacted such as the registration of beneficial ownership of companies and the penalty of $10,000.00 for failure to comply. While the efforts are commendable the information being provided to the business community is limited. This will ultimately result in businesses failing to comply with new legal requirements which could be costly.
With lawyers and accountants being aware of the new changes a system must be in place especially for small businesses to be provided with essential information for legal compliance. Failure to do so is a dereliction of duty.
