The Financial Action Task (FATF) standards define “Beneficial Ownership”: refer to the natural person, one or more who ultimately owns or controls a customer (client) or a natural persons exercising ultimate control over a “legal person” or arrangement.
It stipulated the definition of the real beneficiary in Promulgating the Law on Combating Money Laundering and terrorism Financing, No. 30/2016. Which stated owns or controls the customer, directly or indirectly. This includes the natural person on whose behalf a transaction is being conducted and the natural person who has ultimate effective controls over a legal person or legal arrangement.
Criminals use a range of techniques and mechanisms to withhold ownership and control of illegally obtained assets. Determining the owner of the person exercising real control presents a major challenge to prosecutors and law enforcement authorities in various countries of the world.
Schemes designed to obscure beneficial ownership often employ a “hide-out” strategy and exploit the infrastructure of global trade to appear legitimate.
There will be an upcoming workshop for further discussion.
Did you know?
International statistics and investigations indicate that the amount of money lundring from the proceeds of the original crimes annually is estimated between 800 billion and 2 trillion dollars.
