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Here is Jason Sharman on this issue https://www.jerseyfinance.je/media/PDF-Marketing/Jason%20Sharman%20Report%20-%20Solving%20the%20Beneficial%20Ownership%20Conundrum.pdf … "The unambiguous conclusion of Puppet Masters was that a beneficial ownership regime based on licenced CSPs was a better solution than one based on a company registries of beneficial ownership"
UK register has (as I understand) always worked like this. It does not verify, just compiles information filed. This was true when it was done w paper forms in the post. The only difference now is that it is online so quicker/easier. So the issue Kevin Brewer raises is not new..
... and not really a 'loophole' just the way the system works. But it doesn't meet FATF recommendation that countries should ensure that there is adequate, *accurate* and timely information is available. So it is an issue.
My questions are (1) Are there other countries with direct register based systems (i.e. without requiring you go through a regulated CSP) that do serious verification? ...
(2) If not why has there been such a strong faith in centralised (public) registers and so much less focus on changing to CSP regulation systems? or (3) Is there another way to do this that bridges between cheap/easy registration (#doingbusiness) and verification of BO?
(as I argue here the issue is squaring the circle between affordability, robustness & fairness in a publicly administered direct system vs ability to use risk based approach, heavier penalties for mistakes etc where cost passed to regulated private sectorhttps://www.cmi.no/publications/6201-beneficial-openness …
There is an answer in the new @anticorruption report reviewing progress on the G20 Beneficial Ownership principles https://www.transparency.org/whatwedo/publication/g20_leaders_or_laggards … - i.e. None of the company registers verifypic.twitter.com/POwMmCZtXR
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