20200927 The FinCEN Files - misleading the public and benefiting from criminal conduct: Page 7 of 10

20200927 The FinCEN Files - misleading the public and benefiting from criminal conduct

Nigel Morris-Cotterill

There is, at present, a state of excitement amongst the media, some financial crime consultants and some politicians in response to what they are being told is public opinion.

The so-called FinCEN Files were heavily telegraphed in a media blitz more akin to the launch of a Hollywood film that has cost a fortune but the result isn't as good as was hoped.

In the USA and the UK, mainstream media outlets have published a series of articles that, they say, arise because of what it has found in documents obtained from the USA's Financial Intelligence Unit, FinCEN.

The reports sensationalise that which is not a problem at all

Great attention has been paid to an office in London which provides a registered office for more than 1,000 companies. This is absolutely not a cause for concern nor, even, question. Company formation agents commonly provide registered office services for companies they form. It is not unusual for such a business to provide company secretarial services for many companies. Again, this is not, of itself, a cause for concern or comment.

Where there would be something to question is if an individual at that address were to be a director for a large number of companies. That would indicate that he is a nominee director which means that someone else is controlling the company. That feeds into concern over the use of companies for criminal purposes.
But that is not what the reports are focussed on : it's only about the registered office and there is no context or explanation provided.

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