22/01/24

Beneficial Ownership Concealment, Avoidance And Impunity: The Chimeric And The Ethereal

For decades, transparency was obscured through the use of multi-part structures, layering trusts, foundations and companies, using nominees and men of straw to pose as owners or controllers. The introduction, at the suggestion of the Financial Action Task Force (FATF), of the now almost universal marker of ownership – the 25 per cent threshold – and the requirement to declare beneficial ownership to national authorities, has not proven particularly effective. [1] It is the work of a moment to adjust a holding to 24.99 per cent.

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