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Friday, Oct 22, 2021

Isle of Man banking data leak reveals how sharing banking data can identify offshore strategies and improve beneficial ownership transparency.

Isle of Man banking data leak reveals how sharing banking data can identify offshore strategies and improve beneficial ownership transparency.

Beneficial ownership transparency is a crucial strategy for tackling illicit financial flows.
It involves identifying the individuals (natural persons) who ultimately own, control, or benefit from a legal vehicle like a company, trust or partnership.

Individuals engaging in illegal or illegitimate activities, however, find it quite easy to hide themselves behind legal vehicles, which are set up in tax havens (or as we prefer to call them, secrecy jurisdictions).
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