The parliament of United Kingdom made history today by voting to release beneficial ownership information on its overseas territories (OTs) publicly. The amendment requires 14 OTs to disclose the information by 2020. However, the amendment does not apply to the Crown Dependencies, the Isle of Man, Guernsey and Jersey, because parliament does not have legal rights […] Source| AML-CFT
In the fight against money laundering, terrorist financing, corruption, human trafficking, sanctions and tax evasion and other financial crimes, shell companies are a key instrument for beneficial owners in providing anonymity. However, a report by Transparency International revealed 11 members of the G20 falling short of having a “Strong framework” on their beneficial ownership legal […] Source| AML-CFT