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It advocated an open, public ownership registry, in part to curb tax avoidance.
In one surprising visual, we see the offices of the Bureau of Alcohol , Tobacco and Firearmsawash in boxes of paper records, because a paranoia-driven NRA-pushed law forbids the establishment of a computerized ownership registry that would make tracking guns used in crimes infinitely easier.
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The Obama administration supports draft legislation, introduced in both houses of Congress, that would create ownership registries which would be available to law enforcement (though not the public).
He conceded that at present some British overseas territories and crown dependencies could be included on the blacklist, but he said they were "working hard to improve exchange information on personal tax details and beneficial ownership registries" and if they continue to reform they could escape inclusion on the list.
The G8 and G20 are pushing for wider adoption of ownership registries, but opinions differ on whether these should be public or open only to tax authorities and law enforcement.Another concern is that poor countries will end up being excluded from the OECD standard.
When Stettinius died in 1949, ownership of the registry passed to the International Bank of Washington, led by General George Olmsted.
The standard includes a requirement to look through passive entities to report on the individuals that ultimately control them.However, as the Tax Justice Network, an NGO, pointed out after the draft was released: "The effectiveness of this broader scope still relies on comprehensive beneficial ownership information in registries of trusts and shell companies".
Kofi Annan, the former United Nations secretary-general who chairs the Africa Progress Panel, said: "The G8 must establish registries on ownership and trusts in all jurisdictions – and the registries need to be publicly available.
The only proof of ownership was a shareholders' registry, quite often a handwritten book that was held by the company.
The British government has run several consultations on its proposal to change the ownership of its land registry.
With no central registry of ownership, it takes a great deal of effort to link a digital holding of bitcoin with an individual in the real world.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com