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Saturday, November 21, 2009 10:22 PM

Published 11/04/2009 by Washington Legal Foundation


Ownership Registration Proposal: What Benefits And At What Cost?

(Vol. 24 No. 35)Each year, two million corporations and limited liability companies are established in every state and the District of Columbia. The process by which these entities are created has traditionally been governed under state law. On June 18, 2009, the Senate...

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...bill states that "[i]n contrast to practices in the United States, all countries in the European Union are required to identify the beneficial owners of the corporations they form." See Senate Bill 569...
Ownership Registration Proposal: What Benefits And At What Cost? [Washington Legal Foundation - 11/04/2009]
...system was "that there were significant disadvantages and no clear benefits, particularly when taking into account the costs of introducing such measures. Reasons included:-- disclosure of beneficial ownership would add no information of benefit...Those engaged in criminal activities would not provide true information about the beneficial owners;"
Ownership Registration Proposal: What Benefits And At What Cost? [Washington Legal Foundation - 11/04/2009]
...33 states that "[c]ountries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities." See the 40 Recommendations...
Ownership Registration Proposal: What Benefits And At What Cost? [Washington Legal Foundation - 11/04/2009]

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