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By Organisation for Economic Co-operation and Development

Company entities — firms, trusts, foundations and partnerships — are usually misused for cash laundering, bribery and corruption, protecting resources from collectors, tax evasion, self-dealing, marketplace fraud and different illicit actions. The veil of secrecy they supply in a few jurisdictions can also facilitate the circulation of cash to terrorist companies. a brand new OECD e-book, Behind the company Veil: utilizing company Entities for Illicit Purposes, urges governments to wrestle such misuse via appearing to make sure the provision of knowledge approximately possession and control.
Behind the company Veil concludes that the kinds of company entities which are most often misused are those who give you the maximum measure of anonymity to their useful vendors. In reaction, the OECD calls on governments and different proper professionals to make sure they may be able to receive info at the priceless possession and regulate of company entities and, the place acceptable, to percentage this knowledge with legislations enforcement specialists locally and the world over.

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Sample text

In the Netherlands Antilles, the companies registry website is visited on average 30 000 times a week, even though there are only 32 000 companies registered in that jurisdiction. D. Means to Obtain Beneficial Ownership and Control Information A variety of ex ante and ex post mechanisms are used by domestic authorities to obtain information on the beneficial ownership and control of corporate vehicles. These mechanisms should be viewed in the context of the particular characteristics of a jurisdiction’s economy and legal system.

I) Company law The issues governed under the company law that impact the capacity of authorities to obtain information on beneficial ownership and control include, but are not limited to: • Availability of bearer shares. • Recognition of nominee shareholders and nominee directors. • Availability of “corporate” directors. • Residency requirements of directors. • The local presence requirement. • Requirement to maintain shareholder register. • Maintenance of shareholder registers in jurisdiction of incorporation.

The possible permutations are virtually limitless. For example, former Australian billionaire Alan Bond was alleged to have used a variety of corporate vehicles in different jurisdictions to hide assets from his creditors. 25 million on debts totalling more than A$ 1 billion (see Alan Bond case study for further details). 5. 32 Intermediaries – company formation agents, trust companies, lawyers, trustees, and other professionals Intermediaries, such as company formation agents, trust companies, lawyers, trustees, and other professionals, play an important role in the formation and © OECD 2001 The Extent and Means of Misuse of Corporate Vehicles for Illicit Purposes management of corporate vehicles in most OFCs.

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