01139nam a22001337a 4500 Knobel, A. and Meinzer, M. Drilling Down To The Real Owners – Part 1 United Kingdom Tax Justice Network 2016 20p. This report Drilling down to the real owners first part by the Tax Justice Network analyses focuses on just two, though crucial flaws: high thresholds in the definition of BO (“more than 25% of ownership”), and an escape route to avoid identifying the BO by registering a senior manager instead (by allowing a misinterpretation of situations where “no person is identified as BO”). The likely result of these flaws is the widespread abuse of nominee directors and shareholders that are “mistakenly” recorded as BOs, or the proliferation of entities without a BO. If this is not addressed, both FATF and EU regulations would help protect the veil of secrecy offered by the offshore legal entities exposed by Panama Papers. Banking Secrecy, Tax, Corruption iffoadatabase.trustafrica.org/iff/TJN2016_BO-EUAMLD-FATF-Part1 (1).pdf CF 762 762