A news release on Mondo Visione on 6th May reported that NGO Global Witness has exposed how a lack of checks on company owners – known as People with Significant Control (PSC) – by Companies House and enforcement of rules mean criminals can continue to exploit loopholes and submit false information with impunity.  Global Witness analysis also uncovered thousands of companies associated with red flags for money laundering and other financial crime.  336,224 companies simply say they have no beneficial owner; 6,711 companies are controlled by a beneficial owner who themselves control over 100 companies (suggesting that these individuals could be nominees); 8,872 companies name another foreign company as their ultimate owner, which is unlikely to meet the requirements; and 487 companies are part of circular ownership structures, where they appear to control themselves.  In addition, it found that 2,083 company owners are disqualified directors; 1,519 company officers or PSC are politicians (i.e. likely PEP); 136,682 officers or PSC are based in “secrecy jurisdictions” (e.g. BVI); and 228,295 companies are registered at a company factory or mailbox address, with little or no connection to the actual place of business or owner.

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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