| | | Effective PR

companies

David Singh (profile here) and Dr Shffi Mohamad (here) say that the role of the board of directors in corporations is related to supervision and planning, in particular, governance, strategic direction, and accountability. But it's more complicated than it seems.

CoNet Section: 

The statement below, from the UK government's website for the Department of Business sets out the immediate and short-term plans for, inter alia, the registration of foreign companies operating in the UK. The statement was published on 28th February 2022. The Bill was introduced to Parliament hours later.

Nigel Morris-Cotterill will publish a BLOG/cast on the companies registration portion of the Bill on 10th March 2022 at www.financialcrimebroadcasting...

CoNet Section: 

The Securities and Exchange Commission has issued civil proceedings against Matthew J. Skinner of Santa Clarita, California and five entities he owns and controls – Empire West Equity Inc., Bayside Equity LP, Longacre Estates LP, Freedom Equity Fund LLC, and Simple Growth LLC – for conducting four unregistered and fraudulent real estate investment offerings between 2015 and 2020, through which, it is alleged, he raised more than USD9 million from over 100 investors.

If one searches for Adrian Maxwell Ballintine, the first entry is from a source that the unaware would consider useful for Know Your Customer / CDD checking. It says "Founder of NewSat. Ltd, Adrian Maxwell Ballintine is currently Chief Executive Officer and Executive at this company."

There are records to set straight, not the least of which is the relevant criminal record.

Read this from the investigative reporting team at the Australian Broadcasting Corporation.

Don't skip. And think while you read (or listen to the podcast if you prefer)

https://www.abc.net.au/radiona...

FCRO Subsection: 

It all began when financial services regulation became trendy. In the good old days (which were in fact the bad old days in so many ways) language was used accurately. But some twit decided that precision in language in some way excluded hoi poloi. We are now some twenty years into a process by which imprecision has become the norm and therefore confusion and expense the inevitable result. One of the terms that first fell to this idiotic process is "firm."

BIScom Subsection: 

One of the basic principles of UK company law was for generations that there is a public register of the officers of companies and that that register includes the "Usual Residential Address" of directors and secretaries, with that information being maintained, and publicly accessible, for both current and historical data. That was then and this is now.. and surprisingly it's nothing to do with GDPR.

Closed registers of shareholders and directors of companies, and company registers where the identity of shareholders and/or directors are not collected, have long been recognised as vehicles for financial crime. However, while governments are anxious to trace moneys relating to tax evasion (and, for political reasons, tax avoidance), to say nothing of money laundering and corruption, there are, in some cases, valid reasons for maintaining secrecy. As babies are, en masse, being thrown out with the bathwater, it's worth remembering what those reasons are.

New proposals from the Singapore Government are to require full record keeping of beneficial owners and decision makers of a range of corporate entities. It's also going to raise some serious credibility questions amongst Singapore's law firms, accounting practices and other service providers. There's trouble in store...

hahagotcha