01139nam a22001337a 4500100003100000245004800031260004600079300000900125520073800134650003800872856007500910942000700985999001300992  aKnobel, A. and Meinzer, M.  aDrilling Down To The Real Owners – Part 1  aUnited KingdombTax Justice Networkc2016  a20p.  aThis 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.  aBanking Secrecy, Tax, Corruption   uiffoadatabase.trustafrica.org/iff/TJN2016_BO-EUAMLD-FATF-Part1 (1).pdf  cCF  c762d762