Trustfunds should be abolished or very strictly regulated as far as transparency of beneficiaries, the origin and disposal of assets within the trust fund is concerned.
If trust funds were abolished or strictly regulated, it would no longer be possible to use them for money and asset laundering as allowed as of 1 January 2014 the new Civil Code. Indeed, if those funds were abolished, the easiest way of anonymisation of companies owner would be eliminated.
Sources:
- Report of the European Commission on the fight against corruption in the EU, Annex Czech Republic, Annex 3, COM(2014) 38 final , p. 8 – 9
- OECD: Bribery in Public Procurement: Methods, Actors and Counter Measures, OECD Publishing, 2007, p. 31
- Czech Government Anti-corruption Action Plan for 2015, chap. 3, p. 13
- The Economist, Corporate Anonymity - Light and wrong, 21 January 2012, p. 55
- The Economist, Corporate Anonymity - Ultimate Privilege, 21 January 2012, p. 55
- Vondráček, O., Havrda, M., 21 recipes – Anti-corruption cookbook, Recipe 20: Abolition of Trust Funds, December 2013
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Justification and sources