Dr. Jim Stewart:

Hiding the beneficial owner applies not just to the IFSC but to lots of other regimes as well. Treating a 25% shareholding as a beneficial owner can easily be circumvented by splitting this into 10%, 12% or whatever. I noticed that for some section 110 accounts I have examined, while they state they are owned by a charitable trust, they also state they are controlled as part of a group structure of another firm and they appear in the consolidated accounts. This seems to be a recognition of the fact these supposedly independent section 110 firms are in fact part of a group structure and they are fairly tightly controlled. That is the reality and the idea they are owned by a charitable trust is a bit of a smokescreen.