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Area 5. Abolition of anonymous ownership

Effectiveness:
22.0%

Parameters in Area

Subsection 5.1 Abolition of certificated (paper) shares. Justification and sources
#131 Registration of paper shares with banks
Registered certificated shares shall be deposited with the banks and be registered on the accounts similarly to paper money when they are being deposited to current accounts; shareholders of Czech companies shall thanks to this measure be traceable as well as holders of current money accounts.
Effectiveness
25%
Progression
90%
More
#132 Wire transfers of shares
Transfer of shares should take place “by wire transfer”, that is by debiting shares from one account and crediting them to another account.
Effectiveness
25%
Progression
90%
More
Subsection 5.2 Abolition of Trust Funds. Justification and sources
#133 Abolition of Trust Funds
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.
Effectiveness
50%
Progression
90%
More
Subsection 5.3 Provision of offshore services to the companies using public money Justification and sources
#134 Licence for providing offshore services
The state shall grant licenses for providing offshore services.
Effectiveness
0%
Progression
10%
More
#135 Disclosure of ultimate beneficial owner(s) as a condition for obtaining licence for providing offshore services
The condition for receiving the license for providing offshore services should be the disclosure of ultimate beneficial owners of companies applying for the license to provide offshore services and also the continuous monitoring of ownership structures.
Effectiveness
0%
Progression
10%
More
#136 Reporting of clients of offshore providers to the state
Companies providing offshore services should report all their clients to the state.
Effectiveness
0%
Progression
10%
More
#137 Prohibition for companies receiving public funds to use offshore services
Companies receiving public funds and companies trading with state or public companies* shoud not be able to use offshore services consisting in concealing their true ultimate beneficial owners.
* Companies receiving subsidies, companies carrying out public contracts, including subcontractors, companies which buy or sell something to the state or which rent to or lease something from the state and finally companies which contract with state owned enterprises or companies in situations where those companies provide public service.
Effectiveness
0%
Progression
10%
More
#138 Identification clients of providers of offshore services
Companies providing offshore services should always ask the client company whether it is not a company receiving public funds or a company trading with the state or with public companies. If the response was positive, the company should not be able to receive any offshore services; false statement should be punished by criminal sanctions.
Effectiveness
0%
Progression
10%
More
#139 Surveillance over the regulation of provision and use of offshore services
The surveillance of the prohibition on use and provision offshore services should be bestowed upon Financial Analytical Unit of the Ministry of Finance or the Czech National Bank or with respect to the advocates to the Chamber of Advocates.
Effectiveness
0%
Progression
10%
More
#140 New criminal act consisting in the unlawful provision and use of offshore services
New criminal provisions consisting in illegal provision and use of offshore services should be created.
Effectiveness
0%
Progression
10%
More