Beneficial ownership: Difference between revisions

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{{main|Financial Action Task Force}}
 
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.
 
Since 2000, FATF has compiled and maintained a "[[FATF blacklist|blacklist]]" of non-cooperative countries or territories.<ref name="LJIL_Stessens_2001">{{Cite journal| doi = 10.1017/S0922156501000097 | issn = 1478-9698| volume = 14| issue = 1| pages = 199–207| last = Stessens| first = Guy| title = The FATF 'Black List' of Non-Cooperative Countries or Territories| journal = [[Leiden Journal of International Law]]| access-date = 15 April 2020| date = March 2001| s2cid = 145417201| url = https://www.cambridge.org/core/journals/leiden-journal-of-international-law/article/fatf-black-list-of-noncooperative-countries-or-territories/7A1D543927725BCB275F848087486C7E}}</ref>