In recent developments around beneficial ownership information, transparency is fast becoming a key subject in the fight against criminals using complex structures to hide financial assets, to avoid paying their fair share of taxes which may subject these entities to illicit financial activities.
The business of offshore financial services, wealth management and asset protection is a legitimate one but a number of businesses have taken advantages of the gaps and loopholes in the system. Turks and Caicos Islands’ supports the global initiative being proposed to devise a standard to protect the legitimacy of the financial system.
Turks and Caicos Islands’ sovereign partner; the United Kingdom is among one of the G5 countries proposing to lead the initiative on beneficial ownership transparency and have invited the territories; Crown Dependencies and Overseas Territories to play an active part in the designed and implementation of the international standard.
To-date, the Turks and Caicos Islands, along with the rest of the CD’s and OT’s have given the UK its assurances to play an active role in the development of the standard on beneficial ownership information by the recent signing of Exchanges Notes and Technical Protocol to the establishment of a register or electronic database holding beneficial ownership information with limited access to enforcement agencies, including regulatory authorities.
With the anti-corruption summit being hosted by the UK this week in London, the territories will feature strongly for their role in the offshore industry, and the opportunity to demonstrate their commitment to the fight against tax evasion, money laundering and terrorist financing will be stated in their efforts to actively participate in the global Initiative on developing the standard.
Stakeholders, corporate businesses, financial associations, interest groups, etc., are invited to comment and provide feedback, advice, input in any form helpful to Turks and Caicos Islands’ active participation in the design of the international standard on beneficial ownership information and transparency.
Residents are asked to submit your feedback by email or hard copy document to the Exchange of Information Unit or the Premier Office no later than 31st May 2016.
Further contact details can be obtained from the Turks and Caicos Islands’ Government website: http://www.gov.tc/
