#openownership How have the privacy aspects been considered? Law abiding ppl having assets searchable vs criminals hiding more carefully
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Replying to @MForstater
What information are you worried about becoming public?
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Replying to @mgifford
I'm not sure it is proportionate to require all ppl's assets held through co.s to be searchable by public versus e.g. bank KYC, authorities
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Replying to @MForstater @mgifford
Holding assets through a company gives limited liability. Social contract that comes with that is declaring your identity...(1/2)
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Replying to @timdavies @mgifford
Clearly isn't the case in law now. (e.g. in US) - so not part of existing social contract. Maybe should be. But case is assumed not made
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Replying to @MForstater @mgifford
Agreed that not universal legal principle. But one that was there from founding of corporate structures in the UK.
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Replying to @timdavies @mgifford
fair enough each country can choose own approach, but all to meet FATF std. UK approach not only (or nec. best) way
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Have you read
@TaxJusticeNet take on French ruling re: individual privacy vs public beneficial ownership register? http://www.taxjustice.net/2016/12/07/beneficial-ownership-disclosure-trusts-challenging-privacy-arguments/ …2 replies 0 retweets 0 likes
This argument does not convince. There are plenty things w potential for avoidance or evasion which are not required to be in public domain!pic.twitter.com/ENcb5cQrac
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