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The video item below is a piece of English language content from RT (formerly Russia Today). RT is a Russian state-funded broadcaster.
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RT published this video item, entitled “No transparency | What does Queen Elizabeth have?” – below is their description.
In the 1970s, Queen Elizabeth II sent her solicitor to lobby the government, which consequently amended a draft law to shield her personal finances and extravagant wealth from scrutiny, archived documents have revealed.
Unearthed by the Guardian, the National Archives documents point to an effort by the British royal family to get a special exemption from transparency rules of the Companies Act. The law authorises directors of public companies to demand disclosure of beneficiaries from nominee shareholders — a measure meant to prevent secret consolidation of ownership through front companies.
A clause in the law, reportedly inserted after the Queen’s intervention, allows the state secretary to shield entities from scrutiny for “special reasons.” Such an exemption was reportedly given to a single subsidiary of the Bank of England called Bank of England Nominees Limited (BOEN).
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In This Story: Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.
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In This Story: Queen Elizabeth II
Elizabeth II is Queen of the United Kingdom and 15 other Commonwealth realms. Elizabeth was born in Mayfair, London, as the first child of the Duke and Duchess of York. Her father ascended the throne on the abdication of his brother King Edward VIII in 1936, from which time she was the heir presumptive.