When was the last time you did a third-party program check-up? Not a full review of all your third parties but something you can perform on a quarterly, semi-annual or annual basis with desktop tools available to you or your compliance team.
Entries in shell companies (11)
The Financial Crimes Enforcement Network (FinCEN) is expanding required reporting of beneficial owners for cash real estate purchases beyond Manhattan and Miami to six new areas in California and Texas.
The law firm at the center of the Panama Papers leak may have helped facilitate an alleged multi-million corruption scheme tied to Sonatrach contracts won by Saipem.
The Obama Administration Thursday announced a series of actions to end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in this country.
Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements.
Lugano-based BSI SA on Monday became the first bank to use a DOJ amnesty program to resolve potential criminal offenses for helping U.S. taxpayers use secret accounts and offshore shell companies to evade taxes.
A book by Michael Findley and Daniel Nielson, Global Shell Games: Experiments in Transnational Relations, Crime and Terrorism, shows how shell companies are used to commit bribery, circumvent sanctions, launder money and evade taxes. And are available online for a few hundred bucks.
Last month, UK Prime Minister David Cameron talked about plans to create a publicly accessible registry of information on the beneficial ownership of companies. This registry will be open to everyone, not just law enforcement authorities, he said. It will "shine a spotlight on who owns what and where money is really flowing," Cameron said.