Colin Powell said there would be ‘understandable concern’ if no action was taken against the USA if those promoting Delaware companies are permitted to continue to say that client anonymity can be maintained as beneficial ownership need not be disclosed.
Mr Powell told an audience of about 180 finance industry professionals at the Hotel de France that the Financial Action Task Force (FATF) now requires identification of beneficial ownership of companies be disclosed.
He made the comments while delivering the opening address to the Jersey Financial Services Commission (JFSC) seminar entitled ‘Evolving international standards and their impact on Jersey’.
