Rich People Lie
The situation
A beneficial ownership registry outlines the real person who controls assets held within a registered company or trust. From a financial transparency perspective, this registry helps strip away the abuse of corporate vehicles, strategically used to mask ownership. Though politically, a concerted effort has been undertaken to frame the transparency necessity as a defence against criminal financing, mainly money laundering schemes, but also sophisticated terror-organization financing, the lost tax gap points to the reality - rich people lie too.
Read the rest here: https://economicinsights.substack.com/p/rich-peop…
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