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Learn MoreIn order for companies to make sound and responsible business decisions, it is critical they know who they’re doing business with. Anonymous companies (entities that disguise the identities of their owners) raise the cost of doing business, undermine financial stability and make it difficult for companies to drive integrity in their supply and investments. Globally, the lack of ownership transparency is creating financial, reputational, operational and regulatory risks for companies and responsible businesses and investors are taking action to tackle this issue. We want you to join them.
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5% GDP
global cost of corruption -
3.8 billion
USD in recent fines -
10% cost
increase for business -
77 countries
are taking action -
91% of executives
want to know who owns companies
NEWS
UPDATE
- AML
- Commit
- Country Action
G20 Hamburg summit: Agreement reached on financial crime prevention initiatives
As fires raged and looting befell the city of Hamburg, world leaders met at the G20 Summit on July 7 and 8, 2017 to address issues of concern under the umbrella theme of “Shaping an Interconnected World”. The G20 leaders were able to make a number of high-level commitments regarding financial crime prevention, counter-terrorist financing (CTF), anti-corruption, anti-money laundering (AML) and tax transparency.
- AML
- Country Action
- Due Diligence
- Investors
UK Criminal Finances Act will have extraterritorial impact on financial institutions in Asia, lawyers say
The extraterritorial impact of the Criminal Finances Act 2017, an attempt by the UK government to curb offshore tax evasion, will be felt by financial institutions in Asia as long as they have branches in the UK, lawyers said.
- AML
- Country Action
- Due Diligence
- KYC
Changes to Hong Kong’s AML legislation will give institutions more flexibility
Recently proposed amendments to Hong Kong’s anti-money laundering and counter-terrorist financing legislation will afford the territory’s banking and financial institutions more flexibility in their financial crime controls, industry officials have said.
- AML
- Commit
- Due Diligence
- Investors
Hong Kong’s proposed AML reforms set for debate in Legislative Council
Hong Kong’s Legislative Council is set to consider new anti-money laundering and counter-terrorist financing (AML/CTF) measures today for solicitors, accountants, real estate agents and trust and company service providers. The territory’s new Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 would introduce customer due diligence and recordkeeping obligations for designated non-financial businesses and professions (DNFBPs) when they engage in specified transactions.
- AML
- Commit
- Due Diligence
- KYC
U.S. lawmakers seek to force firms to report ownership, with access for enforcement and banks
Bipartisan bills were introduced on Wednesday in the U.S. Senate and House of Representatives aimed at preventing criminals from hiding behind anonymously-owned shell companies created in the United States. If enacted, the legislation would narrow a gaping hole in the U.S. anti-money laundering net.
- AML
- Commit
- Country Action
- KYC
Money laundering risk significant for private banking as 4MLD comes into force – European Commission
Money laundering risk remains significant for private banking and institutional investment, especially through brokers, the European Commission said as the Fourth Money Laundering Directive came into force this week.
- Commit
- Country Action
- Due Diligence
- Engage
AUSTRAC working to unveil beneficial owners of offshore vehicles
The Australian anti-money laundering agency is leading an international project to uncover the strategies being used to obscure the beneficial ownership of offshore companies and trusts. The project will also explore the role professional facilitators play in setting up and maintaining these structures worldwide.
- AML
- Commit
- Country Action
- Due Diligence
- KYC
U.S. report and Trump administration’s tone suggest tougher AML enforcement in Asia
Financial institutions in the Asia-Pacific region will need to scrutinise their financial crime compliance frameworks in view of a more determined enforcement climate in the United States, industry sources said.
- AML
- Commit
- Country Action
- Investors
- KYC
Post Panama Papers, the call is to name and shame
The public should be able to freely access the names of the people behind the ownership of assets and bank accounts in order to boost transparency and stop secret shell companies being used for criminal activity.
- Commit
- Country Action
- Due Diligence
- KYC
HK government to introduce two AML bills in summer
Hong Kong’s government is aiming to introduce two new bills this summer, following its public consultation on new measures to strengthen the anti-money laundering (AML) and counter-financing of terrorism (CFT) regime.