What is beneficial owner?
There are many legitimate reasons why the real owners controlling offshore companies and trusts should keep privacy. However, understanding who is the natural person behind the legal entities controlling the assets and the transactions is crucial. The anonymity of ownership enables multiple illegal activities such as fraud, corruption, money laundering, terrorism financing, tax evasion, etc. This is why governments, the OECD, G20, and other NGO’s like Transparency International demand more transparency on who owns and controls the entities and their transactions. Knowing the ultimate beneficial owner facilitates preventing, detecting, and prosecuting international white-collar crimes. My definition is: Whoever screams loudest when money disappears is the beneficial owner. Be rich and stay rich.
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