Some people may choose to remain anonymous in significant financial transactions, whether it be real estate, investments and more. As countries look to prevent money laundering and other financial crimes, disclosing beneficial ownership is fundamental for ensuring the legality and stability of the financial system. How does this work in a system where street names are often the norm? Here’s a closer look at the definition and the rules. What is beneficial ownership? The Financial Action Task Force is the global authority set up in 1989 to create a set of international standards and foster the promotion of “…effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.”
