HIGHLIGHTS
SUMMARY
The authors focus on the provision of nominee directors-CSPs managing companies on behalf of a client-and refer to unlicensed CSPs as illegal CSPs. Parallel to this development, the total number of licensed CSPs have decreased by 46%, from 192 in October 2013 to 103 in January 2020, while the costs of supervision-which are borne by CSPs and involve inspecting CSPs and examining signals of illegal activities (see Sect A.1)- increased by 216-640%. For instance, directors managing a large number of companies that are owned by foreign individuals and that . . .
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