The new U.S. Corporate Transparency Act (CTA), which passed in late 2020 as part of the National Defense Authorization Act, makes seemingly significant changes to the information required when incorporating a company in the U.S.
OPINION: If we’re going to have public company registers, then make them accessible by a realistic fee – and bolster their robustness – writes Martin Kenney for ACFE Insights.
A system of controlled transparency is far more effective as a tool for battling corruption than a completely unlimited system of transparency.
A response to Transparency International and Laure Brillaud’s criticism of Martin Kenney’s recent EU Observer piece about the flaws in public UBO registers.
In Washington, Congress is struggling with a new law over disclosure rules proposed for a public ownership register of companies.
The FBI has come out strongly in favour of the Cayman Islands’ ability to provide law enforcement with verified information about companies’ ‘ultimate beneficial owners’.
Looking forward to 2019, Martin Kenney says campaigners hold a very firm assumption that public UBO registers are fundamental for transparency. “I will continue to tell them that they are incorrect,” he says.
The UK’s National Crime Agency said there were now signs that criminals were finding new tax havens where they could exploit lax regulation and hide their links to corrupt assets.
Martin Kenney is scathing about an alleged $8.3 billion Danske Bank money laundering scandal via Estonia, which partly relied on false data being submitted to the UK’s Companies House. The bank’s punishment so far? A “stern ticking off.”
Public UBO registers are only as good as the information provided by those required to furnish it.