On Tuesday, 20 September 2016 01:25:59 UTC+1, Richard Wang wrote:
> This case is WoSign problem, you found out all related subordinate companies
> and all related parent companies that up to nine generations! I think this is
> NOT the best practice in the modern law-respect society.
It seems the governments of the European Union countries (including the UK
where one of the mentioned companies is located) disagree with you about
whether this is best practice.
Identifying individual human persons behind a company is a key plank of their
anti-money laundering and anti-tax evasion policies. To identify these human
persons it is necessary to look through any number (even more than nine) of
layers of corporate ownership. In the UK the legal term is Persons with
Significant Control and PSC registration is mandatory since this summer, a
company registered in the UK is obliged to figure out if there are such Persons
and if so list them in its routine filings. Failing to properly investigate, or
concealing the truth about control of the company is punishable by forfeiture,
ie the state would seize the company's assets.
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