{"id":5216,"date":"2009-10-29T18:14:48","date_gmt":"2009-10-29T16:14:48","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/foot-wants-more-transparency\/"},"modified":"2009-10-29T18:14:48","modified_gmt":"2009-10-29T16:14:48","slug":"foot-wants-more-transparency","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/foot-wants-more-transparency\/","title":{"rendered":"Foot wants more transparency"},"content":{"rendered":"<p>From the <a href=\"http:\/\/www.hm-treasury.gov.uk\/d\/foot_review_main.pdf\" target=\"_blank\">Foot Report (page 11):<\/a><\/p>\n<blockquote>\n<p>During the course of the consultation, a number of NGOs raised concerns about the extent to which international standards still permit a lack of transparency in the ownership of corporate vehicles in the jurisdictions. This, they feared, facilitated financial crime (including tax evasion).<\/p>\n<p>The Review shares these concerns (which are discussed in chapter 7), but such transparency issues also arise to a greater or lesser extent in most major jurisdictions.<\/p>\n<p>The G20 recognised the need to prioritise work to strengthen standards on customer due diligence, beneficial ownership and transparency at its meeting in Pittsburgh in September 2009.<\/p>\n<p>Although attractive in principle, action by the UK and the nine jurisdictions ahead of changes to international standards would be likely to result in a loss of business to other jurisdictions rather than a resolution of the underlying concerns. The Review has therefore concluded that the UK should take the lead internationally in encouraging improvements to:<\/p>\n<p>\u00e2\u20ac\u0161\u00c3\u201e\u00a2 \u00e2\u20ac\u0161\u00c3\u201e\u00c3\u00b2know your customer&rsquo; international minimum standards (particularly in respect of     <br \/>the role of \u00e2\u20ac\u0161\u00c3\u201e\u00c3\u00b2eligible introducers&rsquo;);      <br \/>\u00e2\u20ac\u0161\u00c3\u201e\u00a2 the monitoring of \u00e2\u20ac\u0161\u00c3\u201e\u00c3\u00b2politically exposed persons&rsquo; (PEPs); and      <br \/>\u00e2\u20ac\u0161\u00c3\u201e\u00a2 the transparency of beneficial ownership of companies and trusts.<\/p>\n<\/blockquote>\n<p>Good to note:<\/p>\n<p>a) The argument that these places facilitate crime is accepted<\/p>\n<p>b) The need for more transparency on companies and trusts is noted<\/p>\n<p>c) The demand extends to the UK itself.<\/p>\n<p>These are steps in the right direction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From the Foot Report (page 11): During the course of the consultation, a number of NGOs raised concerns about the extent to which international standards<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/foot-wants-more-transparency\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,32],"tags":[],"class_list":["post-5216","post","type-post","status-publish","format-standard","hentry","category-secrecy-jurisdictions","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5216"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5216\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}