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Elise Bean Hidden Beneficial Owners

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

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  1. Elise BeanHidden Beneficial Owners 2010 Annual Conference

  2. 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.

  3. 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

  4. 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.

  5. 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

  6. 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.

  7. Wyly Offshore Structure

  8. 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

  9. 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

  10. “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

  11. 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

  12. Pending U.S. Legislation Incorporation Transparency and Law Enforcement Assistance Act • S. 569 – Levin-Grassley-McCaskill bill • H.R. 6098 – Maloney-Frank bill

  13. Two Approaches • Government retains beneficial ownership information. • Formation agents retain beneficial ownership information.

  14. 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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