After repeated investigations that have laid bare the struggle governments have in identifying the ultimate beneficial owners implicated in money laundering and other fraud, it’s clear there isn’t a one-size-fits-all solution. While governments continue adopting new rules meant to address this problem, much work remains.
Identifying ultimate beneficial owners (UBOs) remains a central challenge for a number of counter financial crime efforts. As the Pandora Papers highlighted, however, these methods are imperfect at best. Still, we can take the opportunity to reflect on the European regulatory landscape and best practice examples for financial institutions to enhance their systems and controls for preventing financial crime.
There are far too many financial shadows in America that give corruption cover. We need to throw a spotlight on them.
I spoke to the Summit for Democracy about many of the financial measures in the new holistic U.S. gov’t strategy to combat corruption.https://t.co/1YF4tIweRF
— Secretary Janet Yellen (@SecYellen) December 9, 2021
The Puppet Masters
Perhaps the most influential publication regarding the misuse of complex corporate structures was The Puppet Masters. Published in 2011, this paper from the World Bank’s and UNODC’s Stolen Asset Recovery (StAR) Initiative…
