Beneficial Ownership Transparency in Banking and Business: Canada, European Union/UK, United States
About this webinar
The 1999 Communique of the Ministerial Conference of the G-8 Countries on Combating Transnational Organized Crime urged the adoption of measures to combat the use of shell companies for illicit purposes. In the succeeding decades, multilateral organizations such as the G-7, G-20, FATF, OECD, and IMF, as well as advocacy groups, have called for strengthening of beneficial ownership transparency measures at the national and international levels.
The FATF Recommendations call for country measures requiring financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to obtain and verify beneficial ownership information. Today, the regulation and enforcement of beneficial ownership disclosure and reporting is inconsistent—some countries have adopted strong and comprehensive measures, while others have put in place limited beneficial ownership transparency rules and remain noncompliant with the FATF Recommendations.
This program will explore the state of beneficial ownership transparency in the United States and Canada, and from an international perspective.