Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Primary tabs

Opening the lid on the hidden world of beneficial ownership

Paul Hodgson | October 17, 2017

Complex networks of companies created to disguise the ultimate beneficiaries of bribery and corruption were central to two of the most high-profile corruption scandals in recent years: bribery relating to officials of football’s world governing body, FIFA, and alleged kickbacks involving the Brazilian politicians and the country’s energy giant Petrobras. Not only that, but of the 11.5 million files that spilled out of the law firm Mossack Fonseca's so-called the Panama Papers, most had some element of disguised beneficiaries. As a result, there has been a push towards greater transparency. According to a new white paper from LexisNexis—the Hidden World of Beneficial Ownership—over 100 jurisdictions have committed to implementing automatic information exchange, including well-known offshore locales like the British Virgin Islands, Cayman Islands and Panama. In addition, France, Germany, Italy, Spain and the U.K. have committed to participating in a unified beneficial ownership... To get the full story, subscribe now.