Reliance on information from banks hindering corruption and money laundering investigations
18/10/2019
Transparency International - WHO IS BEHIND THE WHEEL? FIXING THE GLOBAL STANDARDS ON COMPANY OWNERSHIP
Transparency International has issued a report dealing with the following matters
In countering crime and corruption, law enforcement authorities around the world need to be able to uncover the identities of the real owners of companies swiftly.
For instance, if there are suspicions that a bank account belonging to a company is being used to handle the proceeds of crime, authorities should have the power to find out quickly who the person behind that company
In the last five years, several significant investigations have demonstrated how easy it is to set up and manage a legal entity without having to provide information about its beneficial owner – the real, natural person who ultimately owns and controls it and on whose behalf transactions are conducted.
The challenge this poses to authorities is exacerbated when there is a transnational element: companies are often set up in one country, with the support of professionals in another. Assets and bank accounts, meanwhile, maybe in a third country with the real person calling the shots in yet another.
The result is that even when the authorities have identified a company as a vehicle for laundering illicit finances, the person in control remains a mystery. Crucially, this structural weakness is not limited to offshore jurisdictions alone. Transparency International argues that public registers of beneficial ownership should be the norm.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.