Fenergo: Beneficial Ownership in Focus
Posted: 24 January 2017 | Source: Fenergo
Beneficial ownership came to the fore recently with two high profile leaks – the Bahamas and the Panama Papers leaks, which saw the leaking of financial information for hundreds of thousands of offshore entities. This, along with heightened anxieties arising from a number of high profile terrorist activities, has resulted in a significant shift towards increasing corporate transparency and weeding out shell companies in an attempt to bolster the defences against money laundering and terrorism financing.
In this paper, we deep-dive into the beneficial ownership requirements determined by FinCEN and the European Commission, and provide a comparison between the two regulatory frameworks.