A HM Revenue and Customs (HMRC) is not a prosecuting authority and does not collate statistics specifically on investigations or prosecutions involving company formation agents. This guidance on suspicious transactions is applicable to life insurance companies, brokers or agents that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. Most shell companies are formed by individuals and businesses for legitimate reasons. Financial institutions have had to comply with the AML/CFT Act since 2013 — now other businesses will also need to comply, including real estate agents and many lawyers and accountants. Economy, Law & Politics. Insights and news on the world of financial corruption. New clause 11—Due diligence— “(1) For the purposes of preventing money laundering, when a company is formed, any company formation agent providing formation services must ensure that the identity and business risk profile of all beneficial owners of the company are established in accordance with— He would like to see a new type of FATF evaluation that could focus narrowly on high risk areas within the financial system, such as banks or company formation agents. To ask Mr Chancellor of the Exchequer, whether HM Revenue and Customs has prosecuted a company formation agent for facilitating money laundering in the UK in the last 10 years. Lewis’ criticisms of worldwide efforts to tackle dirty money are based on the last 10 years of FATF country-evaluation reports, each one providing a detailed assessment of whether a country’s banks, law enforcement agencies, law-makers and regulators are meeting international anti-money laundering standards and how effective they are at stopping illicit money. by trust companies and company formation agents in order to preserve the BVI as an offshore ... procedures and practices for the deterrence and prevention of money laundering as vital, and it intends to use thes e Guidance Notes as a yardstick for measuring the adequacy of systems to counter money laundering. January 2019. Subscribe to Peter D. Hardy's Posts. Subject: Potential Money Laundering Risks Related to Shell Companies This advisory is being issued to alert financial institutions to some of the potential money laundering risks associated with providing financial services to shell companies. My understanding is that company formation agents are now covered by the Money Laundering Regulations and as such they should be verifying the identity of their customers. A wealthy Ukrainian, say, sets up a Delaware shell company using a local company formation agent. Peter D. Hardy . Peter is a national thought leader on money laundering, tax fraud, and other financial crime. Shell Company Overview The term “shell company,” as used herein, refers to non-publicly traded corporations, ... Banks can serve as formation agents and, when so acting, are subject to all BSA … Watch webinars and use online courses to find out more about money laundering ... for company formation agents and serviced and virtual office providers ... money …