2008, ISBN: 9781234083939

RareBooksClub. Paperback. New. This item is printed on demand. Paperback. 58 pages. Original publisher: Washington, D. C. : U. S. Govt. Accountability Office, 2008 OCLC Number: (OCoLC)… More...

RareBooksClub. Paperback. New. This item is printed on demand. Paperback. 58 pages. Original publisher: Washington, D. C. : U. S. Govt. Accountability Office, 2008 OCLC Number: (OCoLC)244008465 Subject: Corporations, American -- Taxation -- Cayman Islands. Excerpt: . . . Figure 2: Ugland House Sole tenant is Maples and Calder law firm, which provides registered office services to companies established in the Cayman Islands 18, 857 registered entities at the Ugland House address Very few have a significant physical presence in the Cayman Islands Five percent wholly U. S. owned Fewer than 50 percent have a U. S. billing address Source: GAO photograph and statistics obtained from the Cayman Islands government and Maples. Cayman Islands law requires company service providers that establish entities and provide registered office services to adhere to specific Anti-13 Money Laundering ( AML ) and Know-Your-Customer ( KYC ) requirements. For example, as a company service provider, Maples must verify and keep records on the beneficial owners of entities to which they provide services, the purpose of the entities, and the sources of the funds involved. If suspicion arises in relation to any of these types of inquiries, the company service provider is required to make a suspicious activity report ( SAR ) to the Cayman Islands Financial Reporting Authority ( CAYFIN ). Cayman Islands law allows for nominee shareholders and the provision of 14 officers and directors. The use of nominees, though, does not relieve the company service provider from its obligation under Cayman Islands law to know the beneficial owner under AML-KYC rules. In contrast, state laws which govern the creation of corporations in the United States generally do not require company formation agents to collect ownership information 13 Cayman regulators refer to these requirements as AML CFT ( anti-money laundering combating the financing of terrorism ). For discussion of AML-KYC requirements under Cayman Islands law see the E-supplement to this report, GAO-08-1028SP. 14 M. . . This item ships from La Vergne,TN., RareBooksClub<