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Table Of Contents

Executive Summary
The Elusive Beneficial Owner: A Call for a Substantive Approach
Wanted: A Government Strategy
The Advantages of Service Providers
Why Service Providers Should Be Obligated to Conduct Due Diligence
Enforcing Compliance
Attorneys and Claims of Attorney-Client Privilege
A Two-Track Approach
Why Due Diligence Is Not Enough
Enhancing the Skills and Capacity of Investigators
Transnational Investigations
Building a Transnational Case
Conducting Risk Analysis and Typologies
Part 1. The Misuse of Corporate Vehicles
1.1 Introduction
1.2 Objective of This Report
1.3 How to Use This Report
Part 2. The Beneficial Owner
2.1 Introduction
2.2 Origin of the Term “Beneficial Owner”
2.3 Defining Beneficial Ownership: The Theory
2.4 Applying the Concept of Beneficial Ownership in Practice
2.5 The Service Provider’s Perspective
BOX 2.2Basic Attempt at a Concealment
2.6 Conclusion and Recommendations
Part 3. Where Does the Beneficial Owner Hide?
3.1 Introduction
3.2 Corporate Vehicles: Types and Features
BOX 3.1Setting Up a Shell Company
BOX 3.2Misusing a Shell Company
BOX 3.3Using Shelf Companies to Conceal Ownership of Bank Accounts
BOX 3.5Laundering Money through a Front Company
BOX 3.6Setting Up Companies with Bearer Instruments
BOX 3.7Misusing a Bearer-Share Company
BOX 3.9Hiding the Proceeds of Corruption in a Charitable Foundation
BOX 3.10Receiving Fraudulent Government Contracts by a Partnership
BOX 3.11Laundering Money through a Sole Proprietorship
BOX 3.12“Chaining” Corporate Vehicles to Conceal Beneficial Ownership
FIGURE 3.1 Example of a Complex Legitimate Corporate Vehicle Structure
BOX 3.13Developing a “Nose” for Inappropriate Complexity
BOX 3.15The Opacity Benefits of Using Nominees
3.3 Conclusion and Recommendations
Part 4. Finding the Beneficial Owner
4.1 Introduction
4.2 Company Registries
The balancing act of the corporate registry
FIGURE 4.2 The Balancing Act of the Corporate Registry
FIGURE 4.5 Types of Information Made Available Online by Registries
BOX 4.2Tracking Down Disqualified Directors: United Kingdom
BOX 4.3The Directors Index: Hong Kong SAR, China
BOX 4.4 Information Sharing and Financial Reporting Systems: Singapore
4.3 Trust and Company Service Providers
BOX 4.5Establishing a Legal Entity Involving More Than One TCSPa
FIGURE 4.7 Requirement to Provide ID in Forming Companies (Other Countries)
FIGURE 4.8 Requirement to Provide ID in Forming Companies (Worldwide)
4.4 Financial Institutions
4.5 Conclusion and Recommendations
Texts of FATF Recommendation 5 and Recommendation 1285
Texts of FATF Recommendation 33 and Recommendation 34
Project 1. The Grand Corruption Database Project
TABLE B.1Grand Corruption Cases Database: Case Summary
TABLE B.2Grand Corruption Cases Database: Corporate Vehicles
TABLE B.3Grand Corruption Case Database—Key Statistics
Project 2. The Bank Beneficial Ownership Project
Project 3. The Trust and Company Service Providers Project
TABLE B.4Complete Results of First Audit Study
Project 4. The Registry Project
Project 5. The Investigator Project
FIGURE B.2Questionnaire: Investigator Project
Limited Liability Company
Legal Arrangements
The Trusts
BOX C.1The Liechtenstein Anstalt
BOX C.2The Panamanian Foundation
BOX C.3The British Virgin Islands VISTA Trusts
Appendix D. Grand Corruption: 10 Case Studies
Case Study 1: Bruce Rappaport and IHI Debt Settlement
Case Study 2: Charles Warwick Reid
Case Study 3: Diepreye Alamieyeseigha
Case Study 4: Frederick Chiluba
Case Study 5: Jack Abramoff
Case Study 6: Joseph Estrada
Case Study 7: Saudi Arabian Fighter Deals and BAE Systems
Case Study 8: Pavel Lazarenko
Case Study 9: Piarco International Airport Scandal
Case Study 10: Telecommunications D’Haiti
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Puppet Masters Report

Puppet Masters Report

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Published by 3wan

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Published by: 3wan on Nov 06, 2011
Copyright:Attribution Non-commercial


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