The TCI commission has allowed a peek into the sordid side of small island politics. The Turks case has involved a massive web of front companies, allegedly used to obscure the involvement of prominent individuals in deals with the Government.
The Commission has recommended a list of steps to rectify the situation. Most are plain common sense, from which even Bermuda could glean some useful reform ideas.
All corporate bodies and those acting for others in a trustee or nominee capacity should be required to disclose the true beneficial ownership of or interest involved to any public body required or seeking to exercise due diligence in contemplation of the grant of Crown land or of development approval or any public works or other public contract whether of franchise, licence or otherwise – coupled with a heavy potential civil (including rescission) and/or criminal sanction for noncompliance.
Hey, Bermuda doesn’t this sound like a smart idea? Ahem, cough, courthouse.
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