Understanding Beneficial Ownership Disclosure

Paul Gilmour ()
Additional contact information
Paul Gilmour: University of Portsmouth, Postal: School of Criminology and Criminal Justice, St. George's Building, 141 High Street, Portsmouth, PO1 2HY, UK, https://www.port.ac.uk/about-us/structure-and-governance/our-people/our-staff/paul-gilmour

Journal of Financial Transformation, 2023, vol. 57, 70-77

Abstract: Beneficial ownership disclosure remains a contentious issue for government regulators, the financial sector, and business professionals. Corporate transparency campaigners and other advocates argue that the proper disclosure of beneficial ownership is crucial to maintaining a fair and strong global financial system. It enhances the transparency of tax affairs and other corporate dealings, and prevents illicit activities, such as money laundering and tax evasion. However, enhanced beneficial ownership transparency relies on an effective system involving accurate company disclosure of beneficial ownership, robust verification procedures, and ongoing monitoring. The process of identifying the real beneficial owner of company assets can also prove onerous and costly for those obligated to carry out proper customer due diligence under anti-money laundering rules. This paper provides an insight into the global efforts to enhance corporate transparency through the disclosure of beneficial ownership. It explores the role of company registers, examines the process of customer due diligence, and considers what the proper disclosure of beneficial ownership means for the regulated financial sector and the business community.

Keywords: Government; Policy; Regulation; Tax Evasion; Avoidance; Tax Law; Illegal Behavior and the Enforcement of Law; compliance (search for similar items in EconPapers)
JEL-codes: L50 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.capco.com/Capco-Institute/Journal-57-Crisis-Management Full text file (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1699

Access Statistics for this article

Journal of Financial Transformation is currently edited by Prof. Shahin Shojai

More articles in Journal of Financial Transformation from Capco Institute 77 Water Street, 10th Floor, New York NY 10005.
Bibliographic data for series maintained by Prof. Shahin Shojai ( this e-mail address is bad, please contact ).