Offshore structures have not disappeared — but they are transforming to survive amid the implementation of international financial transparency standards.
The Philippines aims to launch a business beneficiaries registry in 2025 to avoid being placed again on the 'gray list' of the Financial Action Task Force on Money Laundering (FATF). This was reported by BusinessWorld.
The Irish government has drafted legislation that will replace the current Limited Liability Partnership Act 1907 and the Registration of Business Names Act 1963 when it comes into force. It will expand the registrar's powers and introduce additional reporting and disclosure requirements, Irish Legal News reports.
The Isle of Man Central Register has announced it has hired cybersecurity firm SQR to provide “seamless verification” of the identity of beneficial owners of local businesses. This was reported by Global Government Fintech.
Beneficiaries, according to local law, are considered to be persons who control at least 25% of the shares or interests of companies registered in the Isle of Man.
A federal district court in Alabama has ruled unconstitutional the US Corporate Transparency Act, which requires a number of categories of companies to report their beneficial owners to a registry run by the Financial Crimes Enforcement Network - FinCEN. The decision was made as part of the National Small Business Association's lawsuit against US Treasury Secretary Janet Yellen.
A businessperson who wanted to correct his company's data has discovered an important flaw in the work of the Estonian commercial register. The ERR portal writes about it.
Transparency International has criticised the authorities of a number of European Union member states for restricting journalists and non-profit activists from accessing registers of beneficial owners of businesses.
