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Article: SEC to draft guidelines for firms operating 'virtual offices'.(Business)
- Article from:
- Manila Bulletin
- Article date:
- August 8, 2005
CopyrightCOPYRIGHT 2005 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ANA MARIE MACUJA
The Securities and Exchange Commission (SEC) will draft guidelines for companies operating virtual offices to ensure that these offices are not used for fraudulent activities.
According to Hubert Guevara, head of the SECs Compliance and Enforcement Department (CED), the corporate regulator was alarmed by its foreign counterparts on the possibility that virtual offices are being used for money laundering and other illegal activities.
Virtual Office is also a business center but with the additional features of a long-distance office. One need not be physically present in the office but would still have access to its ...