As somebody who has argued that open public corporate registers of Ultimate Beneficial Ownership (UBO) information are a flawed concept, I was somewhat surprised when one of the UK overseas territories suddenly decided to go it alone, after many arguments that the territories offered more robust company register systems than the UK.… Continue Reading
Repetition is to be avoided in most walks of life. But where the offshore world is concerned, it appears to be the fulcrum around which the ill-informed are led by the unknowing.… Continue Reading
I was bemused when I read that the head of the UK’s National Crime Agency (NCA), Donald Toon, had bitterly complained about the tardiness of the Cayman Islands authorities in responding to information requests about the identities of ultimate beneficial owners (UBO) of Cayman companies.… Continue Reading
Predictably, the NGO “transparency” brigade has once again raised its guns and placed its cross-hairs over its preferred target: the offshore service providers in the British Overseas Territories, particularly those in the Caribbean.… Continue Reading
One of the more interesting developments I discovered during the holiday period was a proposal from the Barbadian Chief Justice Minister, Sir Marston Gibson, to set up a regional asset recovery group in the Caribbean.… Continue Reading
Transparency International’s Max Heywood recently posted an article on TI’s website asking if the British Virgin Islands — from where I operate a cross-border fraud and asset recovery law firm — has “cleaned up” since the publication of the so-called .… Continue Reading
Massachusetts-based medical technology company Analogic Corporation and a foreign subsidiary and that unit’s former CFO settled FCPA violations related to $20 million in improper payments in Russia and other countries.
Analogic’s Danish subsidiary, BK Medical ApS, entered into a non-prosecution agreement with the DOJ Tuesday.… Continue Reading
In the wake of the Panama Papers revelations, the U.S. has (belatedly) announced that it will . The rules, which include requiring financial institutions to find out and keep records on the real owners behind the companies that use their services, aim to help U.S.… Continue Reading
Documents leaked Sunday from a Panama law firm showed alleged use of anonymous shell companies by world leaders, politicians and others to shield billions of dollars from public view.
Israel’s Bank Leumi will pay $270 million to resolve federal charges and $130 million to settle New York regulators’ allegations that it helped U.S. taxpayers hide assets and income in unreported accounts in Israel and around the world.… Continue Reading