UK Business Secretary Targets Corporate Structures

Posted by Joachim Bartels | May 12, 2014 | Trade Credit, Transparency, Uncategorized | 0 |

British business secretary Vince Cable has announced that he wants to see a public register of businesses’ true owners to improve transparency, combat tax evasion and reduce money-laundering.

Tax authorities could then use the register to identify UK corporate ownership structures that are being used to channel or hide illicit funds, what the secretary calls the “darker side of capitalism”.

“We will stop UK companies from using complex structures to hide information and keep consumers, investors and the public in the dark,” said Mr Cable.

Read the full story on Worldbox

BIIA Comment: There is no need to create another bureaucracy. Private sector credit information companies provide corporate linkage services which identify all corporate entities that are related.

About The Author

Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

The BIIA library is approaching 10,000 news items and best demonstrated practices. BIIA members receive regular news alerts on key developments in the industry and the regulatory environment. The BIIA readership is widespread: between 4 to 5 thousand unique visitors access BIIA.com per month.