Beneficial Ownership in Complex Entities and Legal Arrangements

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The increasing use of corporate vehicles, such as companies, trusts, foundations and other types of corporate/legal arrangements, has elevated concerns among financial regulators globally. The concerns are not unconnected with the growing risks of possible concealment and conversion of illicit funds by criminals while hiding under the legal protection afforded by the veil of incorporation.

To stem illicit financial flows within the global financial system, the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has promoted various initiatives. The FATF requires that countries put in appropriate arrangements to ensure that adequate and accurate information on beneficial ownership is easily accessible in a timely manner by competent authorities Read more

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