Ultimate Beneficial Ownership
In relation to companies and other legal structures, it should refer not to "ultimate beneficial owner" but "ultimate controller." Viewed from that perspective, the entire process makes perfect sense.
But the simple-minded people in the governments that are sent to the Financial Action Task Force and other bodies, and their simple-minded advisers in consultancy, accounting and legal companies, have, as usual, adopted a one-dimensional view of a multi-dimensional set of circumstances. The most frustrating thing about this is that they have long used the required mindset in relation to another problem area: politically exposed persons.
They simply don't connect the dots.
From Trade Based Financial Crime Volume 2.
Coming before the end of April.
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