Financial Transparency Coalition

Submission Date: 16 May 2018 The FTC has entered a submission to Review of Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime. Canada has one of the weakest frameworks among G20 countries for identifying, collecting information on and maintaining records for beneficial ownership information for legal entities. Notwithstanding the commitments made by Canada towards undertaking “concrete action”

Submission Date: 16 March 2018 The FTC recently entered a submission to the OECD’s consultation on misuse of residence by investment schemes to circumvent the Common Reporting Standard. So-called golden visas have seen countries offer citizenship or residency for investment in an attempt to raise revenues or attract wealthy individuals. Golden visas risk enabling the avoidance

Submission Date: 15 January 2018 The FTC entered a submission to the OECD’s consultation on rules limiting taxpayers’ ability to hide their income and assets offshore.  However, as the OECD’s consultation itself noted, many advisers and service providers have been “actively marketing schemes” designed to circumvent the Common Reporting Standard requirements. 

The FTC recently entered a submission to the public consultation being conducted by Dubai surrounding their proposed Companies Law. Among other things, the submission recommends Dubai create public registers of beneficial ownership information, which would make it easier to track down and detect illicit financial flows.