Maya Forstater

OK --so I've got some questions/ thoughts arising from this story (legal, AML, transparency tweeps...) As @OliverBullough says it shows that public registers are of little use if the information on them is not verified (and yet this has been viewed as the gold standard by many)..https://twitter.com/OliverBullough/status/985574754420654080 …

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?

(3) verification of *offshore* BOs perhaps best left to legally accountable CSPs who can decide whether they fancy the risk or not. Look at the one-off effort expended here on KF Global Management LLP (and the outcome!) https://www.motherjones.com/politics/2018/03/how-a-russian-linked-shell-company-hired-an-ex-trump-aide-to-boost-albanias-right-wing-party-in-dc/ …