Ownership, Financial Accountability and the Law: Transparency Strategies and Counter-Initiatives, 1st Edition (Hardback) book cover

Ownership, Financial Accountability and the Law

Transparency Strategies and Counter-Initiatives, 1st Edition

By Paul Beckett

Routledge

256 pages

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Hardback: 9781138359888
pub: 2019-06-10
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Description

There is something visceral about ownership. This is mine; you can’t have it. This is mine; you can share it. This is ours. Try to find it.

Contemporary literature and investigative journalism are showing that the scale of the problem of tax evasion, money laundering, organised crime, terrorism, bribery, corruption and gross human rights abuses is vast.

Ownership – specifically, the quest to identify beneficial owners - has been chosen by national and international regulators as the touchstone, the litmus test in the fight back. An owner by definition must possess something for which they are financially accountable. But what is meant by "ownership"? This book explains why ownership is pivotal to accountability, and what ownership means in common law, civil law and Shariah law terms. It looks in detail at State, regional and international transparency strategies and at an equally powerful global private counter-initiative to promote beneficial ownership avoidance through the use of so-called "orphan structures". Where there is no owner, there is no accountability. The distinction between privacy and legitimate confidentiality on the one hand, and concealment on the other is explained with reference to commercial and trade law and practice, principles of corporate governance and applicable business human rights. This book introduces one further counter initiative: the phenomenon of transient ownership made possible through the use of cryptocurrency and the blockchain. The study concludes with a blueprint for action with recommendations addressed to states, international organisations, practitioners and other stakeholders.

Table of Contents

1. Introduction: Why Ownership Matters 2. What is meant by "Ownership"? 3. Disclosure and registration initiatives 4. Confidentiality versus concealment 5. `Orphan structures’ 6. Cryptocurrency and the Blockchain - Transient Ownership 7. Recommendations

About the Author

Paul Beckett has forty years’ experience as a lawyer, practising offshore as a commercial and trust specialist and a human rights defender. He graduated from Worcester College, Oxford in 1978 with First Class honours in Jurisprudence. He also completed a Master of Studies in International Human Rights Law at New College, Oxford in 2014. He is a member of the Solicitor Judges Division, Law Society of England and Wales, the Chartered Institute of Arbitrators, and of the Society of Legal Scholars. He has written extensively on finance, banking, taxation and human rights law.

About the Series

The Law of Financial Crime

While a growing number of high profile financial crime cases have hit the headlines recently the topic of financial crime is also generating much attention amongst academics and practitioners. This series will be the first to be dedicated to the law of financial, or economic, crime and offers a platform for important and original research in this area.  

Books in the series will cover traditional subjects of financial crime including money laundering, terrorist financing, fraud, market abuse, insider dealing, market manipulation, tax evasion, bribery and corruption. But broader legal and regulatory issues will also be covered as well as emerging areas of concern such as the risks to stability of the financial system posed by financial crime. Emphasis will be placed on comparative approaches to the subject considering legislation across a number of jurisdictions as well as international regulations where appropriate, giving the series a truly global outlook. 

The titles in the series are primarily aimed at an audience of researchers, scholars and practitioners in the area but should also be of interest to policy makers, law enforcement agencies, financial regulatory agencies, as well as people employed within the financial services sector.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS001010
BUSINESS & ECONOMICS / Accounting / Financial
BUS001020
BUSINESS & ECONOMICS / Accounting / Governmental
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS008000
BUSINESS & ECONOMICS / Business Ethics
BUS010000
BUSINESS & ECONOMICS / Business Law
BUS027000
BUSINESS & ECONOMICS / Finance
BUS064010
BUSINESS & ECONOMICS / Taxation / Corporate
BUS064020
BUSINESS & ECONOMICS / International / Taxation
BUS070140
BUSINESS & ECONOMICS / Industries / Financial Services
BUS079000
BUSINESS & ECONOMICS / Government & Business
BUS104000
BUSINESS & ECONOMICS / Corporate Governance
LAW001000
LAW / Administrative Law & Regulatory Practice
LAW007000
LAW / Banking
LAW009000
LAW / Business & Financial
LAW026000
LAW / Criminal Law / General
LAW051000
LAW / International
LAW086000
LAW / Taxation
POL024000
POLITICAL SCIENCE / Public Policy / Economic Policy
POL064000
POLITICAL SCIENCE / Corruption & Misconduct
SOC004000
SOCIAL SCIENCE / Criminology