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New Book: Looking through the Corporate Structure

Interesting article in the Guardian:

And a really good quote.

Brenda Cox, spokesman for the If campaign, a coalition of 200 groups campaigning in the run-up to the G8, said: "Cameron has to walk the walk, as well as talk the talk. By getting the UK house in order, he will have the opportunity to make a wider breakthrough at the summit itself on the issue of beneficial ownership, the way to get behind the anonymous shell companies."

Cameron and the chancellor, George Osborne, are still gauging how far to push the G8 on measures to make it easy to establish the real owners of companies and assets, in the face of hostility primarily from AMERICA and CANADA.

Osborne is also facing a push-back from business about imposing excessive regulatory burdens on companies to report their profits on a country by country basis.

Well Well Well. As Pierre Trudeau would say the cat is among the pigeons.

Published Jun 04, 2013 by Tim

Another big article in the Observer.

David Cameron's hopes of securing at the G8 summit next week a major anti-corruption agreement that would force companies to reveal who really owns them is hanging by a thread, amid fierce opposition from both the Russian and Canadian governments, as well as from many members of the US Congress.

The prime minister believes new rules to make company ownership transparent are crucial, and has made it a key goal of UK diplomacy as he prepares to chair the gathering of world leaders which begins a week tomorrow. However, the Observer understands that goal is now in jeopardy, opening up the possibility that there will be no deal endorsed by all parties, a potentially embarrassing result for the UK as summit chair.

And more:

However, aid agencies now fear Cameron's plan risks being derailed by other G8 members. Russia is resisting because of its extensive interests in Cyprus. Canada is also opposed, while many US politicians are against the plan because it would have an impact on Delaware, the low-tax, light regulation US state where some 200,000 companies are registered.

The impasse is considered so serious by Number 10 that Cameron is to discuss the issue with President Obama in a transatlantic phone call later this week.

Me again:

I question though what Cameron or Obama can do without the support of the US Congress. Shouldn't David Cameron really be setting a phone call with House Speaker John Boehner.

Published Jun 08, 2013 by Tim

Solid empirical evidence consistently shows that if you want to set up a shell company your location of choice is Delaware followed closely by Wyoming and Nevada. See, e.g., Jason Sharman:

Published Jun 17, 2013 by Allison Christians

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