Anti-Financial Crime & Financial Crime Compliance
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Compliance News, EU/Europe, Financial Services

WARNING TO UK: Barnier says British financial institutions are using ‘letterbox companies’ as a back door to remain in single market after Brexit.

Michel Barnier has taken aim at British businesses for trying to get around the barriers of the post-Brexit landscape and set up ‘letterbox companies’ within the single market.

The EU Commission’s lead on UK-relations – whose job remains as busy as if a Brexit deal weren’t struck yet – warned that British firms were establishing shell companies in EU member states so they could retain the status of “operating within the single market.”

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