Glenn D. Godfrey Co. LLP has always cooperated immediately, proactively, and effectively with any request from the competent authorities (regulators, supervisors, judicial, tax, or any other authorities), and we stand on that record.
In none of the cases mentioned by the International Consortium of Investigative Journalists (ICIJ) did we find evidence of non-compliance. Since commencement of services as a law firm in 1979, we have never been part of any legal proceedings in the jurisdictions where we work.
We reject outright any insinuation of Administrative Compliance failures. For almost 50 years, we have been subject to the supervision by regulatory bodies in different jurisdictions, with unimpeachable results.
Our Firm Stand
Glenn D. Godfrey Co. LLP has always willingly and collaboratively worked with our regulators and competent authorities, proactively and upon their request of relevant information. This has always been, and will continue to be, the case because we pride ourselves on our integrity and the positive contribution we make to our sector, our nation and our people. We will continue to collaborate openly with all competent authorities – national and international
As a law firm operating for almost 50 years, we are committed to correct the inaccuracies and misleading assumptions, and false information that have been published by the International Consortium of Investigative Journalists (ICIJ). We continue to stand by our record of compliance and service excellence in our sector and to our clients, employees and nation.
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Glenn D. Godfrey Co. LLP rejects the conjectures, inaccuracies and falsehoods of the publications made October 3, 2021, by the International Consortium of Investigative Journalists (ICIJ).
It is our belief that ICIJ contact to us was merely a formality. There was no demonstrated interest to speak with us. ICIJ Representatives asserted clearly who was in the center of their agenda and indicated they needed information from us to serve that purpose. That indicated to us no real interest or commitment to truth, fairness and good ethical practice. The manner in which ICIJ has pursued its report and targeted GDG Co. LLP and our very jurisdiction indicate their clear bias and prejudices. We have no intention to serve such an agenda.
Glenn D. Godfrey Co. LLP stands on its proud record of service excellence, and record of contribution to constructive industry and national development. We pride ourselves on being an employer of just over 50 persons and the contribution that makes in real terms to the quality of life for our Belizean people. We will continue to stand strong on our record.
FAQs You Should Know
Our Law Firm provides a range of corporate secretarial, administration and financial planning solutions. We are widely recognized as a top-tier law firm in our jurisdiction and in most of our main practice areas. We deliver the broadest range of structuring alternatives involving corporate vehicles such as companies, partnerships, and foundations. Whether it is for international structuring requirements or fiscal planning, our team of experienced professionals is able to provide full company management services, fiduciary management, and accounting and legal support services. In particular: corporate and commercial law, intellectual property, real estate, admiralty and shipping, immigration, banking and finance, business development, probate and insurance.
No. Since our establishment in 1979, we have never faced any charges related to improper activities, nor have we been convicted of any type of illegal activity in the jurisdictions in which we operate.
No. Glenn D. Godfrey Co. LLP and CILTrust have always acted in compliance with existing legislation in the jurisdictions in which we operate. Our internal audit found no evidence of non-compliance in any of the cases mentioned by the ICIJ. We reject any insinuation of regulatory non-compliance; for the almost 50 years we have been subject to supervision by regulators in different jurisdictions, with satisfactory results.
We have always cooperated with foreign authorities when requested and have done so in many cases. As is the case with our numerous cooperation with the US Internal Revenue Service (IRS) and our local government authorities. We have even been called upon to and cooperatively testified in US courts peripherally related to some of the very matters and persons that have been mentioned in the report.
Currently, the laws in force in each of the jurisdictions in which we operate require us to identify the beneficial owner of each company, a requirement that we fully comply with. Under previous laws, however, when the Resident Agent received a request through a professional client (bank, other law firms, accounting firms, etc.), the Agent could rely on the identification and processes performed by such professional client. The information was to be provided to the Agent upon request. This procedure was embodied in a written agreement between the parties.
The questionnaire submitted by the ICIJ is riddled with inaccurate and outdated information that projects an unfair and negative image of the firm’s activities. In some cases, the persons mentioned were never our clients. In other cases, the companies indicated were not incorporated by Glenn D. Godfrey Co. LLP and CILTrust.
Glenn D. Godfrey Co. LLP and CILTrust have a rigorous Due Diligence process that follows not only the laws in force in each jurisdiction in which we operate, but also the recommendations of international organizations. Our internal policies take into account the appropriate identification of clients and beneficial owners, and factors such as their geographic location, professional activity, track record and reputation. We also consider the activities that would be carried out by the requested company. Due diligence processes are carried out on an ongoing basis throughout the duration of the professional relationship.
Glenn D. Godfrey Co. LLP and CILTrust fully cooperate with the authorities. Glenn D. Godfrey Co. LLP and CILTrust have always cooperated immediately, proactively and effectively with any request from the competent authorities (regulators, supervisors, judicial, tax, or any other authorities), and these entities can attest to this.
When Glenn D. Godfrey Co. LLP and CILTrust detect adverse information about a company, we proceed as established in our internal policies. We require clients to provide more information so that our compliance department can perform a risk assessment. Subsequently, the Compliance Officer evaluates the case and if deemed appropriate, a report is filed with the competent authority and/or we resign as Resident Agent of the respective company.
In compliance with current laws, a report is made in cases where we suspect that the client is involved in money laundering, terrorist financing or other illicit activities, or when we are unable to secure the client’s full cooperation in terms of requests for additional information.
In its almost 50 years of operation, Glenn D. Godfrey Co. LLP and CILTrust have never been reprimanded or fined by any judicial or administrative authority for not resigning as Resident Agents of an entity.
The decision to resign as a resident agent of a company follows, by virtue of the law, a risk-based approach. We resign in cases where we suspect that the client is involved in money laundering, terrorist financing or other illicit activities; where we are unable to secure the client’s full cooperation in terms of requests for additional information; or if we are unable to carry out regular, or enhanced as the case may require, client due diligence with respect to the beneficial owner.
Glenn D. Godfrey Co. LLP and CILTrust role within a company is that of any Resident Agent. We are in charge of making the payment of the necessary fees for the company to continue in good standing, we carry out a continuous due diligence process, we receive notifications (when applicable), among other functions established by law. The services we provide in connection with our companies are exclusively of a legal and corporate nature. We do not provide financial services or tax advice in connection with our international corporate services.
The various applicable laws on confidentiality and professional ethics prohibit us from disclosing any information related to the beneficiaries and shareholders of the entities for which we act as Resident Agent or our clients. This type of sensitive information can only be shared at the request of the competent authority.