Confidentiality

The current degree of disclosure varies between International Financial Services Centres (IFSC). In most of the European and onshore jurisdictions there is a requirement to publicly file details of directors, shareholders and secretary. Anonymity can therefore only be retained by using nominee shareholders and professional directors.

Jurisdictions such as Turks & Caicos Islands, British Virgin Islands and Bahamas used to require only minimal disclosure. However, most now require registers of directors and shareholders to be retained at the registered office address. Whether these are open for public inspection or not varies by jurisdiction.

In the jurisdictions that follow English common law, there is generally an implied duty for management companies, bankers, etc. to keep their clients’ affairs confidential. In some jurisdictions there may be additional local legislation that statutorily protects confidentiality and imposes criminal penalties for breaches. However, OECD, FATF, EU and US tax information exchange treaties have now eroded confidentiality to the extent that it is unrealistic to believe that it exists at all.