Regulatory Alerts2020-01-08
Concealment of Beneficial Ownership
The FATF and Egmont Group issued this joint report to analyze how criminals use legal persons, arrangements, and professional intermediaries to obscure beneficial ownership. The study reveals that shell companies and nominee directors are primary tools for concealment, with trust and company service providers frequently facilitating these schemes. It highlights significant vulnerabilities in the regulation of designated non-financial businesses and professions, noting that many jurisdictions fail to impose adequate anti-money laundering obligations on these sectors.
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