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Report on CRF Conference Hong Kong March 2006

Explore the key themes of the CRF Conference 2006 in Hong Kong, including IT updates, compliance challenges, fraud prevention strategies, and fostering business and economic promotion. Learn about mutual recognition, data quality, electronic filing, and measures to prevent identity fraud.

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Report on CRF Conference Hong Kong March 2006

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  1. Report on CRF ConferenceHong Kong March 2006 Lynn Lynch Companies House UK

  2. CRF Delegates Australia Brunei Canada PR of China Hong Kong Malaysia Mauritius New Zealand Samoa Singapore South Africa Thailand United Kingdom

  3. Observers of CRF 2006 Denmark Ireland Jersey The Netherlands Norway Serbia & Montenegro

  4. Working across ECRF and CRF Mutual recognition and co-operation Observer status Benchmarking / sharing information Secondment Study visits

  5. Themes of CRF Conference IT Updates Compliance Company Law Reform Business & Economic Promotion

  6. IT updates: general observations Paperless environment? Self-management of date Greater use of electronic channels forfiling and searching Financial incentives to use electronic Increasing data quality

  7. IT updates: general observations Integrity of register Security of register ‘Unlocking value for public information’ Sending electronic reminders to clients XBRL developments - Singapore and UK

  8. Compliance

  9. Compliance: general observations Prevention v prosecution Enforcement difficulties Linking with other government departments to achieve compliance Use of IT to achieve compliance Discussions on Annual Return Fraud and the register

  10. Compliance issues - the UK • ‘Soft compliance’ - public target 92%, actual 91% • ‘Hard compliance’ - 85% for accounts, 65% for annual returns • Habitual offenders • Marketing campaigns • Company Law Reform Bill

  11. Fraud - UK Facts and Figures: • Measured since 2002 • Approximately 50 cases a month • Over 500,000 standard filings a month (0.01%) • 1 case could cost £1m.

  12. False Filing Cases - UK May 02 - Jan 06

  13. False Filing Cases - UK

  14. Fraud - UK • Key Areas • Company Hijacks • False Appointments • False Auditors • False Financial Information • Similar named companies • Copying signatures on the CH record • Non-regulation of company formation agents

  15. Fraud - press coverage

  16. Fraud - what are we doing to prevent it? • Focus on Hijack • Operation Sterling • Police Liaison Officer on site • Home Office Identity Fraud Steering Group • Work with others - OGD’s and credit reference agencies

  17. Fraud - prevention cont…. • Crime analysis • Evaluate electronic validation options • Company Law Reform changes • Marketing activity • 3 Point plan

  18. our 3 point plan toprevent identity fraud 1.Electronic Filing 2.PROOF 3.Monitor

  19. Electronic filing safe and simple a secure system for the quick and easy online submission of company information

  20. PROOFPROtected Online Filing

  21. Monitor Get the bigger picture

  22. Company Law Reform Bill - helping prevent fraud in the UK? • A company can agree to file documents electronically - PROOF will be on a statutory basis • It will be an offence to deliver false, misleading or deceptive documents • Registrar has the power to resolve inconsistencies on the register • Unique identifiers for directors

  23. Business & EconomicPromotion: general observations File once with government:New Zealand model

  24. Questions?

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