The importance of beneficial ownership

JIBFL_2016_Vol31_Issue06_June_Covers.inddAnti-money laundering legislation was first introduced in the early 1990s to combat the laundering of drugs money. It was limited initially to customer due diligence. In recent years it has been significantly extended to now include the owners of customers and it has introduced risk assessment. With complexity, uncertainty and ambiguity has been brought into this legislation. This has been recognised by the European Commission in the drafting of the 4th Directive.

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