BENEFICIAL OWNERSHIP VERIFICATION: ENSURING THE TRUTHFULNESS AND ACCURACY OF REGISTERED OWNERSHIP INFORMATION

On 16th February, ACFCS reported on a 22nd January report from the UK-based Tax Justice Network which poses the question: what’s the point of requiring a company to identify and declare its beneficial owners if it cannot be prevented from lying?  The main proposal is the use of inter-connected government and public databases to ensure that registered information is valid and consistent, and the commercial address of a company should be genuine.  Verifying the validity of the information is the first step – the second step is verifying whether the information is legitimate.

https://www.taxjustice.net/2019/01/22/how-to-verify-beneficial-ownership-information-new-report/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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