Continuing Landmark’s series of videos that puts forth expert views and opinions on the future of the flexible workspace industry and the challenges it faces.
For the last 2 months, Landmark has shed some light on topics like valuation, the role of coworking in real estate, the evolution of workspaces, the importance of brokers, and how Brexit will affect the UK flexible worksapce industry. Today, Richard Gill interviews Robert Duggan, Managing Partner at Mourant Ozannes about the Panama Papers and what workspace operators can learn from them.
“Criminality is increasingly sophisticated. Money laundering is not an amateur game; but there will be red flags.”
“We are required by regulation and law, not only in our jurisdiction, but also offshore, to verify the source of funds and to verify where the ultimate beneficial ownership of the structures which we’re establishing sit.”
Some flexible workspace operators, particularly those that offer virtual office services, tend to do background checks on their members and clients. In the video, Robert shares what he believes operators should look for and some of the telltale signs that can trigger those red flags. The video also explains more about the regulatory world for offshore companies, including:
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- Disclosing beneficial ownerships and reasons for anonymity
- What’s in the public interest vs What interests the public
- What to look for during business centre operator checks
- Implementing structures to prevent money laundering
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