Transfer Pricing Report

Dutch Curbing Phantom Company Culture That Aided Dos Santos (1)

Jan. 23, 2020, 7:34 AM

Dutch regulators say the country’s trust industry is failing to properly control the type of shell companies used by Isabel dos Santos, Africa’s richest woman, who is accused of bilking millions of dollars from companies in her native Angola.

The country’s trust offices, which help establish and manage Netherlands-based businesses for mostly foreign companies, still aren’t vetting their clients properly despite increased government scrutiny, Frank Elderson, executive director of supervision at the Dutch central bank said on Wednesday. The number of sanctions imposed on these companies by the DNB “must decrease. I don’t see that yet” he said....

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