United States G-8 Action Plan for Transparency of Company Ownership and Control : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

United States G-8 Action Plan for Transparency of Company Ownership and Control

June 18, 2013

United States G-8 Action Plan for Transparency of Company Ownership and Control
Senate Seal

WASHINGTON, D.C. (RPRN) 06/18/13 — In response to the G-8 commitment for members to publish national action plans on transparency of company ownership and control, the United States commits to the following actions:

  1. Risk Assessment:  The United States is currently updating its national risk assessment, a public document assessing major money laundering conduits and methods, which will specifically address abuse of legal entities.  
  2. Advocate for Comprehensive Legislation:  Continue to advocate for comprehensive legislation to require identification and verification of beneficial ownership information at the time a company is formed.  One possible approach could include the following provisions: 
    • Definition of Beneficial Owners – Define beneficial owner as a natural person who, directly or indirectly, exercises substantial control over a covered legal entity or has a substantial economic interest in, or receives substantial economic benefit from, such legal entity, subject to several exceptions. 
    • Collection and Verification of Documentation – Include two options for covering legal entities depending on whether the applicant forms the legal entity directly or uses a regulated company formation agent.  Both cases would require the collection and verification of the documentation associated with beneficial ownership.  
    • Regulation of Company Formation Agents - Extend Anti-Money Laundering obligations to company formation agents, including an obligation to identify and verify beneficial ownership information. 
    • Accessibility of Information – Ensure law enforcement authorities, including tax authorities, will be able to access beneficial ownership information upon appropriate request through a central registry at the state level.  Although all states currently make some basic information available through public registries, states may choose to make beneficial ownership information publicly available. 
    • Transfers – Mandate that entities update information filed with a State or a formation agent within 60 days following any change of beneficial owners. 
    • Exemptions – Include, but not limit exemptions to, publically-traded companies in the U.S., federally regulated financial institutions, and operating companies meeting certain employee or revenue requirements. 
  • Liabilities – Mandate civil and criminal penalties for knowingly providing false information or documentation to a State or formation agent. 
  1. Clarify and Strengthen Customer Due Diligence Standards for U.S. Financial Institutions:  The United States is currently engaged in rulemaking to develop an explicit customer due diligence obligation for U.S. financial institutions, including a general requirement to identify the beneficial owners of legal entity customers. 

International Cooperation:  Assess the effectiveness of existing means for complying with requests for mutual legal assistance and other forms of international cooperation related to beneficial ownership of companies. 

Main image credits: White House
About the author:

RushPR News is a social media newswire service created to help you with content creation and distribution to news outlets and social media networks. RushPRnews can also assist you with your web strategies with experts advices and strategies at an affordable cost. Write us at news@rushprnews.com

Click here to see all news from this author/company

Filed Under: BREAKING NEWS, BUSINESS NEWS, Politics, PRESS RELEASE, World News

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

Newborn Foundation Featured on Global Health Panel at Annual Patient Safety Science and Technology Summit

SAINT PAUL, MN and IRVINE, CA-- 01/23/15 ·  - The Newborn Foundation, an international nonprofit leveraging medical...

Cape Coral Waterfront Estate Known as “The UPS House” to be Sold at February 10th Absolute Auction

Fort Myers, Florida 01/21/15 · Truck Driver Turned Executive Selling Florida Riverfront Dream...

Studio One selects Visual 2000 End2End Suite of Fashion Business Solutions

LONDON, UK 01/20/15 · Visual 2000 International announces manufacturer Studio One  are...

CPD Seminar: How Skill Trade Workers Will be Effected by Express Entry

Vancouver, BC - 01/19/15 · Ashton College Announces Seminar Addressing Express Entry - New...

Dr. Ken Pool, IT Pioneer, dead at 62, leaves a rich legacy in health data standards and public health

ARLINGTON, TX 01/17/15 · With deep sadness  OZ Systems announces the sudden passing...

Dr. Ken Pool, Founder and Chairman of Dallas-based OZ Systems, Dies at 62

ARLINGTON, TX 01/16/15 · It is with deep sadness that OZ Systems announces...

Real Estate Auction – Is It Right for You?

Charlotte, NC 01/12/15 · Luxury homeowners looking to sell their estates face...

Philippines to Host Largest Crowd in Human History

Manila, Philippines 01/12/15 · The largest gathering of humans ever recorded will...

First Dedicated Canadian Bitcoin Price Index Launched

Vancouver, BC 01/08/15 · The Canadian Bitcoin Index (CBIX) created by Vancouver...

OnServe & Learning Brick has expanded to Niagara/Southwestern ON.

Kingston, ON 01/06/15 · Onserve is your trusted IT services company in...

Music Host Network Wants Writers Now!

LOS ANGELES 01/06/15 · The Music Host Network, a music media site...

Identify genuine web traffic from bots and botnets

SAN FRANCISCO 01/06/15 · As a provider of high-quality web traffic, Traffic...

Author Manfred Popp publishes - You can do what I did: lose weight, improve your health, stay fit -

Gaimersheim / Germany 01/06/15 · New book from author Manfred Popp about Weight...