Beneficial Ownership in Focus, FinCEN vs EU Money Laundering Directive

14 Aug 2017
Date submitted
14 Aug 2017
Resource type
Best practice
File type
Web page Web page
Beneficial ownership came to the fore recently with two high profile leaks – the Bahamas and the Panama Papers leaks, which saw the leaking of financial information for hundreds of thousands of offshore entities. This, along with heightened anxieties arising from a number of high profile terrorist activities, has resulted in a significant shift towards increasing corporate transparency and weeding out shell companies in an attempt to bolster the defences against money laundering and terrorism financing.

In this paper, we deep-dive into the beneficial ownership requirements determined by FinCEN and the European Commission, and provide a comparison between the two regulatory frameworks.
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