BENEFICIAL OWNERSHIP: NEARLY 400,000 BRITISH COMPANIES DO NOT, WILL NOT OR CANNOT SAY WHO CONTROLS THEM

On 6 June, research from Open Democracy shows that a detailed analysis of millions of filings at Companies House shows almost 10% of UK businesses still do not declare who their beneficiaries are – often thanks to what campaigners believe is a legal loophole that could facilitate crime, corruption and tax evasion.  Most forms of British corporate entities have to name a “person of significant control” – a beneficiary with a stake of 25% or more.  It says that the 25% threshold means that vast numbers of companies are able to leave their beneficiaries unidentified, without explanation, and perfectly legally. Other companies illegally ignore the requirements or say they cannot comply with them.  The government believes 99% of companies are in technical compliance – partly thanks to the 25% equity threshold requirement – but campaigners have called for the equity threshold to be scrapped and for those who break the rules to be punished.

https://www.opendemocracy.net/en/dark-money-investigations/revealed-nearly-400000-british-companies-evade-anti-money-laundering-checks/

 

 

 

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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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