AUSTRALIA: BENEFICIAL OWNERSHIP – DROPS PLANS TO UNMASK NOMINEE DIRECTORS

On 25 April, the Australian Financial Review reported that the Morrison government has walked away from plans to detail nominee directors, a move experts claim will entrench Australia as a safe haven for laundered money and the proceeds of corruption.  Australia committed to introducing a so-called “beneficial ownership register” in 2016 and again in 2018.  The Treasury has said that the government had no appetite for the commitment, and was not open to pursuing it.

https://www.afr.com/politics/federal/feds-junk-plans-to-unmask-nominee-directors-20210420-p57kru

https://www.riskscreen.com/kyc360/news/australia-feds-junk-plans-to-unmask-nominee-directors

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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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