The misuse of corporate vehicles

Abstract

Comments briefly on the OECD report on Guernsey as an Offshore Financial Centre, one which is emphatically not a Non‐Cooperative Country or Territory. Focuses on the misuse of corporate vehicles for illicit purposes, and outlines the main objectives of the Report to ensure proper access and sharing of beneficial ownership and control information, relying on either up‐front disclosure to the authorities, intermediaries to maintain the information, or an investigative system. Considers how the Guernsey system measures up against these options: in order to incorporate a company proposed, beneficial ownership must be declared in advance to the Guernsey Financial Services Commission, which undertakes due diligence on proposed owners, and there is now a very robust law to regulate fiduciaries, administration businesses and company directors.

Citation

Morgan, T.P. (2002), "The misuse of corporate vehicles", Journal of Financial Crime, Vol. 10 No. 2, pp. 133-134. https://doi.org/10.1108/13590790310808691