Dr. Jim Stewart:

Yes, it is subject to anti-money laundering regulation, but these corporate service providers are expected to know the beneficial owner of the firm of which they are producing the record. They are doing all of the administration for this firm. This may be very difficult for them to provide. They may have done this some years ago. It may have changed over time. It is likely that with the data they produce with the best of intentions - they are not trying to evade - they cannot actually work out who the beneficial owner of a firm is. They may say it is a firm in Bermuda, but this may not be the case. They have onerous data requirements to provide. They are required to fill in a 27-page report for the Central Bank four times per year. The Central Bank collects all these data. It does not regulate these firms. Why is it collecting all of these data? It is a puzzle. Corporate service providers are regulated. They perform all of the administrative functions, including quite onerous data submission to the Central Bank.