Transparency International has accused the world’s most powerful countries of having inadequate beneficial ownership regimes, warning that financial firms are being given licence to send illicit funds unchecked.
The organisation published a report this morning having examined the requirements on financial institutions across the G20 nations, finding that in many cases the relevant legislation is not sufficient to effectively counter the movement of illegal money.
Although all countries surveyed — the G20 plus the Netherlands, Norway, Spain and Switzerland — had rules in place requiring financial institutions to identify the beneficial owners of companies, the application of those rules varied widely.
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