Customer Due Diligence Final Rule Announced By Treasury

The world's most prolific offshore jurisdiction has recently come under intense scrutiny for its policies in maintaining records on the Ultimately Beneficial Owners ("UBOs") of companies formed there. In this offshore jurisdiction, companies can be formed in as little as five minutes by anybody who has a functioning credit card, and there are absolutely no records that are required to be maintained about the UBOs of that company. Similarly, bank and financial accounts can be easily opened withou...