All shell companies articles
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News BriefFinCEN publishes beneficial ownership guidance for small businesses
Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
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News BriefFinCEN mulling beneficial ownership reporting changes amid criticism
The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.
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News BriefFinCEN projects $22.7B for beneficial ownership reporting Year 1 costs
The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.
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ArticleFinCEN proposes restricted access to beneficial ownership registry
The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
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ArticleFinCEN finalizes beneficial ownership rule, reporting requirements
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
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ArticleFinCEN beneficial ownership registry takes shape in proposed rule
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
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ArticleFinCEN launches rulemaking on beneficial ownership
The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.
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ArticleU.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
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ArticleCongress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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VideoVideo: Compliance pros, cons included in Congress defense spending bill
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.
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ArticleBill to expose shell companies passes House vote
A proposed bill to crack down on anonymous shell companies passed a House of Representatives vote Tuesday and will progress to the Senate.
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Article
Bill requiring shell companies to disclose ownership introduced in Senate
Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.
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ArticleCongress shows new resolve to combat shell companies
The United States seems poised to finally tackle issues surrounding shell companies and their often-opaque beneficial ownership structures.
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Blog
The continuing problem of shell companies
Businesses must conduct more robust background checks and must work to improve their internal controls around all third parties to make sure one does not slip through the corporate cracks and cause great damage.
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Blog
Shell companies and the who of corruption
A key part of any fraud scheme are the attempts to keep it hidden, and many companies set up shell companies to do just that. A look at why shell companies can shield bad actors from the public record.
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Blog
Paradise Papers: The sequel to the Panama Papers
Dubbed the Paradise Papers, more than 381 journalists in 67 countries embarked on an effort of massive proportions to parse through 13.4 million leaked documents—many that mention some of the world's largest companies—revealing that the shady world of shell companies, offshore tax shelters, and secret trusts is far more prevalent ...
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Blog
The Panama Papers: of shell companies and tax evaders
Long before the now infamous Panama Papers scandal made the headlines, Ryan Hubbs, a senior manager of fraud investigation and dispute services at EY, penned an article about shell companies that still resonates. Tom Fox discusses how this and other media can help companies avoid the same tragic fate.
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Blog
EU calls for corporate tax transparency
Image: The European Commission has proposed rules requiring multinational companies currently active in the EU’s single market with a permanent presence in the European Union and with a turnover in excess of EUR 750 million a year to disclose publicly the income tax they pay within the European Union, country ...