Beneficial ownership: Difference between revisions

The [[Financial Action Task Force|Financial Action Task Force on Money Laundering]] (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, was established in 1989,<ref name="SSRN_Chonan_20190314">{{Cite ssrnSSRN | last = Chohan| first = Usman W.| title = The FATF in the Global Financial Architecture: Challenges and Implications | date = 14 March 2019| ssrn = 3362167}}</ref> and sets international standards related to beneficial ownership, including the definition of beneficial ownership,<ref name="IC_GC_20200213"/> which it defines as the natural person(s) who ultimately owns or controls a legal entity and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.