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

Neurobiologix Launches Methylation Complete Sublingual Enhanced Formula

Austin, TX 07/28/15 · Sublingual Formula Now Includes Additional Bioactive B12 For...

DEA ANNOUNCES 10th NATIONAL PRESCRIPTION DRUG TAKE-BACK

Washington, DC 07/28/15 · DEA Acting Administrator Chuck Rosenberg today announced that...

Publish your press release to 100 digital business news site for $59

New York, NY 07/20/15 · Your press release to be featured on at...

Recombinetics and Newborn Foundation Launch 
Newborn Health Research Institute

SAINT PAUL, MN 07/17/15 · Recombinetics and Newborn Foundation Launch 
Newborn Health Research...

InCycle Becomes Azure Gold Partner

SEATTLE, WA 07/13/15 · InCycle Software, today announced it has achieved a...

Ultraseal's new R-FL-Duplex+ machine sparks interest in casting impregnation

Dusseldorf, Germany 07/08/15 · Ultraseal International attracted great interest in its R-FL-Duplex+...

Dropout announces new website for 2015

London, UK 07/08/15 · The Dropout team are proud to announce the...

Coalition Joins National Coalition for Infant Health

Washington, D.C. 06/25/15 · Newborn Foundation News: Newborn Health leaders convene in DC...

RushPRnews now offers digital news sites +Targeted News outlet Broadcast

SAN FRANCISCO/MONTREAL 06/22/15 · Your press release to be featured on at...

Save our Skies Santa Cruz Launches Petition Urging FAA to Stop the Jet Noise

Santa Cruz, California 06/21/15 · Outraged Citizens fight FAA's NextGenprogram to reclaim quality...