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class="vector-toc-numb">2</span> <span>International standards</span> </div> </a> <button aria-controls="toc-International_standards-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle International standards subsection</span> </button> <ul id="toc-International_standards-sublist" class="vector-toc-list"> <li id="toc-Financial_Action_Task_Force_on_Money_Laundering" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_Action_Task_Force_on_Money_Laundering"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Financial Action Task Force on Money Laundering</span> </div> </a> <ul id="toc-Financial_Action_Task_Force_on_Money_Laundering-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-OECD's_"Ownership_and_Control_of_Ships"" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#OECD's_"Ownership_and_Control_of_Ships""> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>OECD's "Ownership and Control of Ships"</span> </div> </a> <ul id="toc-OECD's_"Ownership_and_Control_of_Ships"-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Major_violations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Major_violations"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Major violations</span> </div> </a> <ul id="toc-Major_violations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Beneficial_ownership_by_country" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Beneficial_ownership_by_country"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Beneficial ownership by country</span> </div> 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id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" 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href="https://de.wikipedia.org/wiki/Wirtschaftlich_Berechtigter" title="Wirtschaftlich Berechtigter – German" lang="de" hreflang="de" data-title="Wirtschaftlich Berechtigter" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%BB%D6%80%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B7%D5%A1%D5%B0%D5%A1%D5%BC%D5%B8%D6%82" title="Իրական շահառու – Armenian" lang="hy" hreflang="hy" data-title="Իրական շահառու" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%91%D0%B5%D0%BD%D0%B5%D1%84%D0%B8%D1%86%D0%B8%D0%B0%D1%80_%D3%A9%D0%BC%D1%87%D0%BB%D3%A9%D0%B3%D1%87" title="Бенефициар өмчлөгч – Mongolian" lang="mn" hreflang="mn" data-title="Бенефициар өмчлөгч" 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.sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330" /><table class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size: 85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size: 85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size: 85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size: 85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size: 85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size: 85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size: 85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size: 85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size: 85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size: 85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size: 85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size: 85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size: 85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size: 85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size: 85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size: 85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size: 85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size: 85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size: 85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size: 85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size: 85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size: 85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a class="mw-selflink selflink">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In domestic and international <a href="/wiki/Commercial_law" title="Commercial law">commercial law</a>, a <b>beneficial owner</b> is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation.<sup id="cite_ref-IADB_201903_1-0" class="reference"><a href="#cite_note-IADB_201903-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Legal owners (i.e. the owners on the record), commonly described as the "<a href="/wiki/Registered_owner" title="Registered owner">registered owners</a>", may hold those interests as beneficial owners or for the benefit of someone else, in which case they may be described as a "nominee". </p><p><b>Beneficial owners</b> hold specific <a href="/wiki/Property_rights" class="mw-redirect" title="Property rights">property rights</a> ("use and title") in <a href="/wiki/Equity_(law)" title="Equity (law)">equity</a> belong to a person even though legal <a href="/wiki/Title_(property)" title="Title (property)">title</a> of the property belongs to another person. Beneficial owner is subject to a state's statutory laws regulating interest or title transfer.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This situation commonly occurs when the person who holds the legal title to a property or asset is considered to have inherent responsibilities similar to those of a trustee towards the individual who benefits from or has an interest in the property. A common example of a beneficial owner is the real or true <a href="/wiki/Ownership" title="Ownership">owner</a> of funds held by a nominee bank. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In March 2019, an <a href="/wiki/Inter-American_Development_Bank" title="Inter-American Development Bank">Inter-American Development Bank</a> (IADB) report defined beneficial owners as "always natural persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, a foundation".<sup id="cite_ref-IADB_201903_1-1" class="reference"><a href="#cite_note-IADB_201903-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>According to the United States' <a href="/wiki/Securities_Exchange_Act" class="mw-redirect" title="Securities Exchange Act">Securities Exchange Act</a>, a beneficial owner of a security includes any person who, directly or indirectly, has or shares voting or investment power.<sup id="cite_ref-SEC_Cornell_1998_3-0" class="reference"><a href="#cite_note-SEC_Cornell_1998-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Law_UC_1998_4-0" class="reference"><a href="#cite_note-Law_UC_1998-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The terms 'ultimately owns or controls' and 'ultimate effective control' refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control. The FATF recommendations are recognized as the global <a href="/wiki/Anti-money_laundering" class="mw-redirect" title="Anti-money laundering">anti-money laundering</a> (AML) and counter-<a href="/wiki/Terrorist_financing" class="mw-redirect" title="Terrorist financing">terrorist financing</a> (CFT) standard.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>According to the identity and address verification service <a href="/wiki/Trulioo" title="Trulioo">Trulioo</a>, the process of identifying ultimate beneficial owners (UBOs) includes acquiring and verifying a company's "accurate company "information regarding register number, company name, address, status, and key management personnel"; analyzing "ownership structure and percentages", "determining the "entities or natural-persons who have an ownership stake, either through direct ownership or through another party"; identifying beneficial owners: and calculating the "total ownership stake, or management control, of any natural-person and determine if it crosses the threshold for UBO reporting" and "perform AML/KYC<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> checks for all individuals determined to be a UBO".<sup id="cite_ref-Trulioo_20271005_7-0" class="reference"><a href="#cite_note-Trulioo_20271005-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/Trustee" title="Trustee">trustee</a> or <a href="/wiki/Executor" title="Executor">executor</a> is not normally a beneficial owner of the assets of the trust or estate.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="International_standards">International standards</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=2" title="Edit section: International standards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Determining beneficial ownership information is a requirement of the 4th AML Directive in Europe and different jurisdictions are passing<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (November 2017)">when?</span></a></i>]</sup> enabling laws to enforce reporting requirements. In the US, similar beneficial ownership disclosures are a part of the <a href="/wiki/FinCEN" class="mw-redirect" title="FinCEN">FinCEN</a> Customer Due Diligence Final Rule beginning May 2018.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>The Beneficial Ownership Data Standard (BODS) has been developed to serve as a conceptual and practical framework for collecting and publishing beneficial ownership data, and enabling the resulting data to be interoperable, more easily reused, and higher quality. A beneficial owner of a Company must be an individual at all times. BODS provides a specification for modelling and publishing information on the beneficial ownership and control of companies. It was created by OpenOwnership, and is provided under an open license for re-use. OpenOwnership is supporting the development of the standard; however, the standard retains its own independent governance through the working group of international experts.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Financial_Action_Task_Force_on_Money_Laundering">Financial Action Task Force on Money Laundering</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=3" title="Edit section: Financial Action Task Force on Money Laundering"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">Financial Action Task Force</a></div> <p>The <a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">Financial Action Task Force on Money Laundering</a> (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,<sup id="cite_ref-SSRN_Chonan_20190314_10-0" class="reference"><a href="#cite_note-SSRN_Chonan_20190314-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and sets international standards related to beneficial ownership, including the definition of beneficial ownership,<sup id="cite_ref-IC_GC_20200213_11-0" class="reference"><a href="#cite_note-IC_GC_20200213-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> 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.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2024)">citation needed</span></a></i>]</sup> </p><p>Since 2000, FATF has compiled and maintained a "<a href="/wiki/FATF_blacklist" class="mw-redirect" title="FATF blacklist">blacklist</a>" of non-cooperative countries or territories.<sup id="cite_ref-LJIL_Stessens_2001_12-0" class="reference"><a href="#cite_note-LJIL_Stessens_2001-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="OECD's_"Ownership_and_Control_of_Ships""><span id="OECD.27s_.22Ownership_and_Control_of_Ships.22"></span>OECD's "Ownership and Control of Ships"</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=4" title="Edit section: OECD's "Ownership and Control of Ships""><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the OECD's 2003 December report, entitled "Ownership and Control of Ships", corporate structures are often multi-layered, spread across numerous jurisdictions, and make the beneficial owner "almost impenetrable" to law enforcement officials and taxation. The OECD's Maritime Transport Committee Secretariat had initiated an investigation at its January 2003 meeting.<sup id="cite_ref-OECD_20031217_13-0" class="reference"><a href="#cite_note-OECD_20031217-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ITWF_Gianni_2008_14-0" class="reference"><a href="#cite_note-ITWF_Gianni_2008-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The report concludes that "regardless of the reasons why the cloak of anonymity is made available, if it is provided it will also assist those who may wish to remain hidden because they engage in illegal or criminal activities, including terrorists."<sup id="cite_ref-ITWF_Gianni_2008_14-1" class="reference"><a href="#cite_note-ITWF_Gianni_2008-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The OECD report concludes that the use of <a href="/wiki/Bearer_share" class="mw-redirect" title="Bearer share">bearer shares</a> is "perhaps the single most important (and perhaps the most widely used) mechanism" to protect the anonymity of a ship's beneficial owner.<sup id="cite_ref-oecd8_15-0" class="reference"><a href="#cite_note-oecd8-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Physically possessing a bearer share accords ownership of the corporation.<sup id="cite_ref-oecd8_15-1" class="reference"><a href="#cite_note-oecd8-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> There is no requirement for reporting the transfer of bearer shares, and not every jurisdiction requires that their serial numbers even be recorded.<sup id="cite_ref-oecd8_15-2" class="reference"><a href="#cite_note-oecd8-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>Two similar techniques to provide anonymity for a ship's beneficial owner are "nominee shareholders" and "<a href="/wiki/Nominee_director" class="mw-redirect" title="Nominee director">nominee directors</a>."<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2024)">citation needed</span></a></i>]</sup> </p><p>The 2003 OECD report said that, in some jurisdictions that require shareholder identities to be reported, a loophole may exist where the beneficial owner may appoint a nominee to be the shareholder, and that nominee cannot legally be compelled to reveal the identity of the beneficial owner.<sup id="cite_ref-oecd8-9_16-0" class="reference"><a href="#cite_note-oecd8-9-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The 2009 OECD report said that, all corporations are required to have at least one director, however many jurisdictions allow this to be a nominee director.<sup id="cite_ref-oecd9_17-0" class="reference"><a href="#cite_note-oecd9-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> A nominee director's name would appear on all corporate paperwork in place of the beneficial owners, and like nominee shareholders, few jurisdictions can compel a nominee director to divulge the identity of beneficial owners.<sup id="cite_ref-oecd9_17-1" class="reference"><a href="#cite_note-oecd9-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> A further hurdle is that some jurisdictions allow a corporation to be named as a director.<sup id="cite_ref-oecd9_17-2" class="reference"><a href="#cite_note-oecd9-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>The 2003 report clarified that a ship's beneficial owner is legally and financially responsible for the ship and its activities.<sup id="cite_ref-oecd4_18-0" class="reference"><a href="#cite_note-oecd4-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> For any of a number of reasons, some justifiable and some suspicious, shipowners who wish to conceal their ownership may use a number of strategies to achieve that goal.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2024)">citation needed</span></a></i>]</sup> </p><p>The OECD's 2011 "Board Practices: Incentives and Governing Risks" report, cited both the Financial Reporting Council's (FRC) 2009 review and the Walker review of the "governance of banks and other financial institutions" which had "found that there were significant concerns about the quantity and effectiveness of engagement between institutional investors and boards of listed companies" and that there was a "need for better engagement between fund managers acting on behalf of their clients as beneficial owners, and the boards of investee companies'. At that time these reports had "recommended that the FRC ratify a "Stewardship Code" based on the Code on the Responsibilities of Institutional Investors, prepared by the Institutional Shareholders' Committee."<sup id="cite_ref-OECD_20110802_19-0" class="reference"><a href="#cite_note-OECD_20110802-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Major_violations">Major violations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=5" title="Edit section: Major violations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 1.5x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Beneficial_ownership&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">January 2024</span>)</i></span></div></td></tr></tbody></table> <p>According to a 23 February 2018 article in <i><a href="/wiki/The_Diplomat_(magazine)" title="The Diplomat (magazine)">The Diplomat</a></i>, in the Ablyazov Affair, involving the ex-Kazakh minister <a href="/wiki/Mukhtar_Ablyazov" title="Mukhtar Ablyazov">Mukhtar Ablyazov</a>, beneficial ownership was used to fraudulently move $6 billion from <a href="/wiki/Kazakhstan" title="Kazakhstan">Kazakhstan</a>'s <a href="/wiki/BTA_Bank" title="BTA Bank">BTA Bank</a> in what is the largest case of financial fraud in history.<sup id="cite_ref-thediplomat_Bland_20180223_20-0" class="reference"><a href="#cite_note-thediplomat_Bland_20180223-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Beneficial_ownership_by_country">Beneficial ownership by country</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=6" title="Edit section: Beneficial ownership by country"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=7" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Canadian federal Department of Finance—<a href="/wiki/Finance_Canada" class="mw-redirect" title="Finance Canada">Finance Canada</a> (FC)—February 2018 discussion paper, "Reviewing Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime",<sup id="cite_ref-FC_20180207_21-0" class="reference"><a href="#cite_note-FC_20180207-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> was prepared in preparation for the FC's legislative Parliamentary Review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which is the federal legal framework for regulating AML/ATF.<sup id="cite_ref-FC_20180207_21-1" class="reference"><a href="#cite_note-FC_20180207-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The February paper called for "stakeholders' views on how to improve the Canadian Anti-Money Laundering (AML) and Anti-Terrorist Financing regime. FC requested input on "corporate ownership transparency and mechanisms" that would "improve timely access to beneficial ownership information by authorities while maintaining the ease of doing business in Canada."<sup id="cite_ref-CPA_2019_22-0" class="reference"><a href="#cite_note-CPA_2019-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The resulting November 2018 Standing Committee on Finance report, recommended the creation of a "pan-Canadian beneficial ownership registry for all legal persons and entities, including trusts, who have significant control which is defined as those having at least 25% of total share ownership or voting rights" that would "include details such as names, addresses, dates of birth and nationalities of individuals with significant control". While the registry "should not be publicly accessible", it could be "accessed by certain law enforcement authorities", the <a href="/wiki/Canada_Revenue_Agency" title="Canada Revenue Agency">Canada Revenue Agency</a>, <a href="/wiki/Canadian_Border_Services_Agency" class="mw-redirect" title="Canadian Border Services Agency">Canadian Border Services Agency</a>, <a href="/wiki/FINTRAC" class="mw-redirect" title="FINTRAC">FINTRAC</a>, "authorized reporting entities and other public authorities."<sup id="cite_ref-SCF_CA_201811_23-0" class="reference"><a href="#cite_note-SCF_CA_201811-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 1">: 1 </span></sup> </p><p>The <a href="/wiki/Innovation,_Science_and_Economic_Development_Canada" title="Innovation, Science and Economic Development Canada">Innovation, Science and Economic Development Canada</a> 13 February 2020 report, entitled "Strengthening Corporate Beneficial Ownership Transparency in Canada", said that the 2016 <a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a> and <a href="/wiki/Bahamas_Leaks" title="Bahamas Leaks">Bahamas Leaks</a> and the 2017 <a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a> highlighted the "scale and ease of use of corporations and other legal entities to evade or avoid taxes and facilitate criminal activities such as money laundering, terrorist financing, and corruption."<sup id="cite_ref-IC_GC_20200213_11-1" class="reference"><a href="#cite_note-IC_GC_20200213-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The <i><a href="/wiki/Canada_Business_Corporations_Act" title="Canada Business Corporations Act">Canada Business Corporations Act</a></i> (CBCA) requires that certain corporations collect information on "individuals with significant control".<sup id="cite_ref-IC_GC_20200213_11-2" class="reference"><a href="#cite_note-IC_GC_20200213-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The CBCA says that individuals with significant control refer to "anyone with direct or indirect ownership or control over a significant number of shares of a corporation (i.e., 25% of the voting rights or fair market value of the outstanding shares), or who has any direct or indirect influence that, if exercised, would result in control in fact of the corporation, among other circumstances". This is in line with "international standards governing the definition of beneficial ownership, including those set out by the Financial Action Task Force (FATF)."<sup id="cite_ref-IC_GC_20200213_11-3" class="reference"><a href="#cite_note-IC_GC_20200213-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Arab_Emirates">United Arab Emirates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=8" title="Edit section: United Arab Emirates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After international pressure to practice financial transparency increased, the UAE government announced the introduction of the Ultimate Beneficial Ownership or UBO law.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Under the law, the UBO holding 25% of the company's ownership and voting rights at the firm with the permission to appoint or dismiss directors is reported in case of violation of rules. </p><p>Under the law, the UBO holding 25% of the company's ownership and voting rights at the firm with the permission to appoint or dismiss directors is reported in case of violation of rules.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Since then the emirates' lack of a central register for all its financial activities and a weak regulation has, according to critics, made the Gulf nation turn into a safe haven for illicit financial activities. The UAE has been named in several investigative reports such as <a href="/wiki/FinCEN_Files" title="FinCEN Files">FinCEN Files</a> and <a href="/wiki/Luanda_Leaks" class="mw-redirect" title="Luanda Leaks">Luanda Leaks</a> by ICIJ or the <a href="/wiki/International_Consortium_of_Investigative_Journalists" title="International Consortium of Investigative Journalists">International Consortium of Investigative Journalists</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>However, advocates question the success of introducing the new rule of reporting a company's UBO, as they don't consider it to be enough a parameter to monitor and curb money laundering in the UAE. However, not complying with the law, enacted from 1 July 2021, could charge the responsible company with a penalty and a fine worth 100,000 UAE <a href="/wiki/Dirhams" class="mw-redirect" title="Dirhams">dirhams</a>.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=9" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The United Kingdom defines a beneficial owner (known as a 'person with significant control')<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> as someone who holds more than 25 per cent shares or voting rights in a company. There are several company registers of beneficial ownership. The persons with significant control (PSC) register contains the beneficial owners of UK companies and is held by Companies House. This register contains information about beneficial owners' full names, date of birth, nationality, country of birth, service address, residential address, the original date of beneficial ownership and the nature of control over the company. This is a free and open register. There is also a register of trusts, which is held by His Majesty's Revenue and Customs (HMRC) and is concerned only with trustees liable to pay UK tax. It does not feature overseas trusts and is not freely open. The UK is due to implement a register for overseas companies that own property in the UK.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>In the United Kingdom until the electoral reforms of the late 19th century, a common electoral abuse involved so-called <a href="/wiki/Faggot_voter" title="Faggot voter">faggot voters</a>, nominal owners of property who were not the beneficial owners. </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=10" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The United States defines beneficial ownership as the individuals who directly or indirectly own or control a legal entity, such as a corporation or LLC, and who benefit from its assets or income. The <a href="/wiki/Corporate_Transparency_Act" class="mw-redirect" title="Corporate Transparency Act">Corporate Transparency Act</a> (CTA), enacted in January 2021, introduced new requirements for filing a Beneficial Ownership Information Report (BOIR) to enhance transparency and combat financial crimes such as money laundering and terrorism financing. Under the CTA, certain corporations, LLCs, and similar entities are required to report information about their beneficial owners to the <a href="/wiki/Financial_Crimes_Enforcement_Network" title="Financial Crimes Enforcement Network">Financial Crimes Enforcement Network</a> (FinCEN). This information includes the full legal name, date of birth, address, and unique identification number of each beneficial owner. The CTA aims to prevent the misuse of anonymous <a href="/wiki/Shell_corporation" title="Shell corporation">shell companies</a> for illicit activities by providing law enforcement and regulatory agencies with access to accurate and up-to-date beneficial ownership information.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Real_party_in_interest" title="Real party in interest">Real party in interest</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=12" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a href="/wiki/Know_your_customer" title="Know your customer">know your customer</a></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Beneficial_ownership&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link 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a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation report cs1"><a rel="nofollow" class="external text" href="https://publications.iadb.org/en/beneficial-ownership-implementation-toolkit">A Beneficial Ownership Implementation Toolkit</a>. <i><a href="/wiki/Inter-American_Development_Bank" title="Inter-American 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Retrieved <span class="nowrap">15 April</span> 2020</span>. <q>Electronic Code of Federal Regulations (e-CFR), Title 17. Commodity and Securities Exchanges, Chapter II. Securities and Exchange Commission Part 240. General rules and regulations, Securities Exchange Act of 1934, Section 240.13d-3. 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Retrieved <span class="nowrap">15 April</span> 2020</span>. <q>Promulgated under the Securities Exchange Act of 1934</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=University+of+Cincinnati+College+of+Law&rft.atitle=Rule+13d-3+--+Determination+of+Beneficial+Ownership&rft.date=1998-02&rft_id=http%3A%2F%2Fwww.law.uc.edu%3A80%2FCCL%2F34ActRls%2Frule13d-3.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABeneficial+ownership" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bvdinfo.com/en-gb/knowledge-base/white-papers/getting-to-grips-with-the-challenge-of-beneficial-ownership">"Getting to grips with the challenge of beneficial ownership | Bureau van Dijk"</a>. <i>bvd</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">31 May</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Gulf+News&rft.atitle=Get+ready+to+face+fines+of+up+to+Dh100%2C000+in+case+of+%27ultimate+beneficial+owner%27+rules+violations&rft.date=2021-05-31&rft_id=https%3A%2F%2Fgulfnews.com%2Fbusiness%2Fget-ready-to-face-fines-of-up-to-dh100000-in-case-of-ultimate-beneficial-owner-rules-violations-1.1622473155863&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABeneficial+ownership" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/guidance/people-with-significant-control-pscs">"People with significant control (PSCs)"</a>. <i><a href="/wiki/GOV.UK" class="mw-redirect" title="GOV.UK">GOV.UK</a></i>. 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Retrieved <span class="nowrap">4 October</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=American+Bar+Association&rft.atitle=The+Corporate+Transparency+Act+%E2%80%93+Preparing+for+the+Federal+Database+of+Beneficial+Ownership+Information&rft.date=2021-04-16&rft_id=https%3A%2F%2Fwww.americanbar.org%2Fgroups%2Fbusiness_law%2Fresources%2Fbusiness-law-today%2F2021-may%2Fthe-corporate-transparency-act%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABeneficial+ownership" class="Z3988"></span></span> </li> </ol></div><div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-label="Navbox731" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q2585784#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="skutečný vlastník"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph824660&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://kopkatalogs.lv/F?func=direct&local_base=lnc10&doc_number=000342214&P_CON_LNG=ENG">Latvia</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; 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