Description

Jurisdictions have taken different approaches to the obligation to report beneficial ownership of legal entities. Some jurisdictions require that mandatory reports be filed in a central database maintained by governmental authorities. Issues arise as to who can access this information, especially taking into account privacy considerations. Others allow the information to be maintained by the entities. The Financial Action Task Force on Money Laundering (FATF) advocates a multi-pronged approach, but which approach is more effective, measured from the perspectives of law enforcement and the legal profession? What challenges are encountered by practitioners in advising their clients how to comply with these potentially burdensome requirements? What role do practitioners play in this area, and what roles should they play?