Ms Brenda McVeigh:

An issue we have raised repeatedly relates to the section 110s, though not exclusively. With any company, the use of nominee shareholders and nominee directors circumvents transparency of beneficial ownership. Under company law and governance rules, the veil cannot be easily lifted in relation to those individuals, but certainly FATF, and perhaps the EU package, is bringing forward proposals to address that. The section 110s are quite substantial users of nominee arrangements. It is good to be aware of what the problems are but the only way to deal with them is on that pan-EU basis because-----