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Elise Bean Hidden Beneficial Owners. 2010 Annual Conference. The Problem. U.S. states form nearly 2 million new corporations and LLCs each year, without knowing who owns them.

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Elise bean hidden beneficial owners

Elise BeanHidden Beneficial Owners

2010 Annual Conference


The problem

The Problem

  • U.S. states form nearly 2 million new corporations and LLCs each year, without knowing who owns them.

  • The failure to collect ownership information invites wrongdoers to misuse U.S. companies for terrorism, money laundering, tax evasion, or other crimes.


Viktor bout

Viktor Bout

Viktor Bout, who has been indicted in the United States for conspiracy to kill U.S. nationals, acquire and use anti-aircraft missiles, and provide material support to a terrorist organization, used shell companies around the world, including these in the United States:

  • Airbas Transportation (Texas)Orient Star Corporation (Texas)

  • Central African Development Fund (Texas)San Air General Trading (Texas)

  • Continue Professional Education (Texas)Trans Aviation Global Group (Texas)

  • Daytona Pools (Texas)Vial Corp. (Delaware)

  • DHH Enterprises (Texas)Yuralex Corp. (Delaware)

  • IB of America Holdings (Texas)Air-Cess (Florida)

    Source: Department of Treasury, Office of Foreign Assets Control; 2002 Interpol Request, Based on Belgium; International Consortium of Investigative Journalists

    Prepared by Senate Permanent Subcommittee on Investigations, November 2009


Assa corporation

Assa Corporation

  • Alavi Foundation, which has been linked to the Iranian government, was the hidden beneficial owner of Assa Corp., a New York corporation that, in turn, owned a Manhattan skyscraper.

  • $4.5 million in rent was wired to an Iranian bank.


Teodoro obiang

TeodoroObiang

TeodoroNguemaObiangMangue, Minister of Equatorial Guinea and son of the President, was the hidden beneficial owner of shell corporations used to open U.S. bank accounts and move over $100 million:

  • Beautiful Vision

  • Unlimited Horizon

  • Sweetwater Malibu

  • Ebony Shine International


800 u s shell companies

800 U.S. Shell Companies

  • October 2004, ICE identified a Utah company with $150 million in suspicious transactions.

  • ICE found it was owned by two Panama entities which, in turn, were owned by a group of Panama holding companies, all located in the same Panama City office.

  • By 2005, ICE located 800 U.S. shell companies in nearly all 50 States owned by the Panama holding companies, but was unable to obtain the names of any natural persons.

  •  ICE closed the case.


Wyly offshore structure

Wyly Offshore Structure


Point strategy

POINT Strategy

EAICS

Quellos

Euram

Bank

EAISL

Acquisition Company

Gain Stock

Stock

Market

Gain Stock

Stock

Taxpayer

1

Ownership

Fees

Trading

Partnership

Put

$$

Ownership

Warrant

Owner-ship

Taxpayer

2

Services

$$

$$

Ownership

$$

$$

Ownership

Taxpayer

Partnership

Ownership

Ownership

Ownership

Loss Stock

$$

$$

Stock

$$

Put

List of Targeted Stocks

Securities

(Collar)

Jackstones

(Isle of Man)

Barnville

(Isle of Man)

Loan Repay

$$

Loan

Fees

Call

Phantom Trades

Owner-ship

?

Fees

Ownership

$$ Collateral

$$

Stock

Law Firms

Securities Loan

Stock

Market

?

$$

Related?

Stock

Fees

Fees

Prepared by Permanent Subcommittee on Investigations, Minority Staff


Blackwater xe

Blackwater (Xe)

Blackwater was recently disclosed as the beneficial owner of more than 30 entities including:

  • Paravant LLC (Delaware) – training services

  • XPG LLC (Delaware) – classified services

  • Greystone Ltd. (Barbados) – training services

  • Samarus Co. Ltd. (Cyprus) – holding co.

  • Al-Zulama Co. (Iraq) – security services


Elise bean hidden beneficial owners

“formacompany-offshore.com”

Excerpt from website of U.K. corporate formation company

Nevada Company Formations

The Advantages of Nevada

● No Personal Income Tax

● No Corporate Income Tax

● No Corporation Franchise Tax

● No Corporation Succession Tax

● No Taxes on Corporate Shares

● No State Annual Franchise Tax

● No I.R.S. Information Sharing Agreement

● Nominal Annual Fees

● Minimal Reporting and Disclosure Requirements

● Stockholders are not on Public Record allowing complete anonymity

● Registered Office – Registered Agent service

http://formacompany-offshore.com/nevada.html

Emphasis Added


Aged corporations

Aged Corporations

Excerpt from website of Corporations Today

Source: http://www.corporationstoday.com/aged-corporation (viewed 6/3/2009)

Prepared by U.S. Senate Permanent Subcommittee on Investigations, June 2009


Pending u s legislation

Pending U.S. Legislation

Incorporation Transparency and Law Enforcement Assistance Act

  • S. 569 – Levin-Grassley-McCaskill bill

  • H.R. 6098 – Maloney-Frank bill


Two approaches

Two Approaches

  • Government retains beneficial ownership information.

  • Formation agents retain beneficial ownership information.


Definition of beneficial owner

Definition of Beneficial Owner

A beneficial owner is a natural person who, directly or indirectly—

(1) exercises substantial control over a corporation or limited liability company; or

(2) has a substantial interest in or receives substantial economic benefits from the assets of such corporation or limited liability company.

Exceptions. The term ‘beneficial owner’ does not include—

(1) a minor child;

(2) a nominee, intermediary, custodian, or agent on behalf of another person;

(3) a person acting solely as an employee of the corporation or limited liability company;

(4) a person whose only interest in the corporation or limited liability company is through a right of inheritance; or

(5) a creditor of a corporation or limited liability company.


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