FTC Submission to UK on Beneficial Ownership in Property & Public Contracts
May 12th, 2017
The FTC entered a submission to the UK’s consultation on the beneficial ownership transparency surrounding property and public contracts. The FTC recommends that countries should collect beneficial ownership information on companies, trusts, and other legal entities that are registered within their borders, and make this information publicly available in central registers. If ownership information was available, investigators around the world, journalists, and civil society could peel back the layers of ambiguous ownership that anonymous companies create, and address information asymmetry that is detrimental to the global financial system.