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The Journey 2007-2016

Stacey-Jo Smith

Companies House, UK

Monica Grahn

Swedish Companies Registrations Office


Members of the Working Group

• Hayley E. Clarke, Canada

• Kasper Sengeløv, Denmark

• Celia Johnston, Germany

• Jens Grobelny, Germany

• Rolf König, Germany

• Snežana Tošić, Serbia

• Latha Kunjappa, Singapore

• Annika Bränström, Sweden

• Monica Grahn, Sweden

• Magdalena Norlin Schönfeldt, Sweden

• Stacey-Jo Smith, UK

• Marissa Soto-Ortiz, USA

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Changes to the Survey Timeline

The Survey

February – June 2017

Writing the Report October/November

2017

Completed Report

February 2018

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Interim ReportThe Journey 2007 - 2016

2017-06-21 4


The Digital Journey

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The World is (Becoming) Digitised

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Proportion of the Population Using the Internet

Africa Asia and Pacific The Americas Arab States CIS Europe World


What about Business Registries?

Filing Services

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Filing Services Provided on the Website

Electronic filing of documents for entity formation Electronic filing of documents for changes in the register


Online Registration

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010

Possibility to Completely Register Online

Sole trader General partnership Private limited company Public limited company


Mandatory e-Services

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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Mandatory e-Services

Sole trader General partnership Private limited companies

Public limited companies Limited company/corporation LLC


Positive Effect on Processing Times

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0

5

10

15

20

25

30

35

2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber

of

ho

urs

Processing Times for Electronically Submitted Documents

Electronic submission for formation/incorporation Electronic submission for changes


Case Studies

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Case Studies - We learned that …

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… we need to be digital

ready through regulations

and legislation.

… we need digital

infrastructure and to be

prepared for the cost.

… the role of the Business

Register’s workforce may

change.

… we see an overall

increase of electronic

filing, which results in

faster processing times.


Beneficial Ownership

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A lack of Corporate Transparency

• Came into sharp focus due to the release of the

Panama papers in April 2016

• It was a well-known issue before that:

‒ G8 summit in Lough Erne in 2013

‒ G20 summit in Brisbane 2014

‒ FATF Recomendations

‒ EU Fourth Anti Money Laundering Directive

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What is a Beneficial Owner?

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A natural person who directly or

indirectly exercises ultimate control

over a legal entity or arrangement,

and the definition of ownership covers

control through other means in

addition to legal ownership*.

*Definition provided by Transparency International


Europe

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• The main focus is on meeting the transposition deadline of the Fourth AML

• ECRF is hosting bi-annual workshops for its members

• So far Jersey (as a third country) and the UK have implemented Beneficial Ownership registers


Asia-Pacific

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• Most jurisdictions have not yet implemented Beneficial Ownership registers

• There are jurisdictions with reporting requirements for certain company types

‒ Australia

‒ Hong Kong

‒ Malaysia

‒ New Zealand


Africa and the Middle East

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The registration of beneficial

ownership details is still a relatively

new concept in Africa and the Middle

East. Most jurisdictions in Africa are

now in the process of discussing and

adopting the relevant legislation.


The Americas – USA and Canada

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• Business registries in the USA and Canada not required

by law to collect beneficial owner information

• Legislation in Canada requires some financial

institutions to identify and verify this information.

• Several financial institutions in the USA will be required

to do receive and verify beneficial ownership as of May

11, 2018


The Digital Age – Challenges Past and Present

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• Past

‒ Transparency vs. Privacy

‒ Structure of Business

Registries

‒ Long term data storage

‒ Economic Crime

‒ Unique id/Identification

‒ Automation

• Present

‒ Beneficial Ownership

‒ Enforcement and

compliance

‒ Cross border

communication and

identification

‒ Open data vs. fees

‒ Lack of resources


… and in the Future

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• The Digital Age

‒ Digital filing

‒ New technologies

‒ Interoperability and Exchange

‒ Legislation


Thanks!Stacey & Monica

2017-06-21 22

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