Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency
Legal structures are used to conduct a wide range of legitimate commercial activities and play an essential role in the global economy. In most countries, companies and other forms of legal structures can be formed easily and quickly and can gain a...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC : World Bank
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099705007122242693/P1723550c3efe504d0a3630e857733aa054 http://hdl.handle.net/10986/37701 |
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okr-10986-377012022-07-14T05:11:07Z Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency World Bank MONEY LAUNDERING THREAT ASSESSMENT NATURE AND TYPOLOGY ENTITY RISK NATIONAL VULNERABILITY ANRI SCORE MITIGATION MEASURES Legal structures are used to conduct a wide range of legitimate commercial activities and play an essential role in the global economy. In most countries, companies and other forms of legal structures can be formed easily and quickly and can gain access to the global financial system through setting up a corporate bank account, taking out corporate loans, and using other financial products. Through anti-money laundering (AML) and anti-financial crime regulatory reforms, anonymous personal bank accounts are no longer widely available, and so-called ‘shell banks’ that do not have any physical presence in any jurisdiction have been effectively outlawed. Instead, shell companies and other forms of legal structures (such as limited liability partnerships) have emerged as a primary mechanism for moving large amounts of illicit funds around the world. Corporations were originally established to shield individuals from personal liability when conducting business; they were never designed or intended to conceal ownership. But beginning in the 1970s, some offshore jurisdictions began offering to establish corporations and other legal structures that would enable individuals to open bank accounts, transfer funds, and take other actions while hiding their identities. There are four aspects of shell companies and other types of legal structures that are particularly important in the anti-money laundering/combating the financing of terrorism (AML/CFT) context: (1) separate legal personality, (2) hiding ultimate beneficial ownership, (3) providing access to the financial system, and (4) enabling asset ownership. 2022-07-13T20:41:30Z 2022-07-13T20:41:30Z 2022-06 Report http://documents.worldbank.org/curated/en/099705007122242693/P1723550c3efe504d0a3630e857733aa054 http://hdl.handle.net/10986/37701 English en_US National Money Laundering / Terrorist Financing (ML/TF) Risk Assessment Toolkit; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC : World Bank Publications and Research Publications and Research :: Report World |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
MONEY LAUNDERING THREAT ASSESSMENT NATURE AND TYPOLOGY ENTITY RISK NATIONAL VULNERABILITY ANRI SCORE MITIGATION MEASURES |
| spellingShingle |
MONEY LAUNDERING THREAT ASSESSMENT NATURE AND TYPOLOGY ENTITY RISK NATIONAL VULNERABILITY ANRI SCORE MITIGATION MEASURES World Bank Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| geographic_facet |
World |
| relation |
National Money Laundering / Terrorist Financing (ML/TF) Risk Assessment Toolkit; |
| description |
Legal structures are used to conduct
a wide range of legitimate commercial activities and play an
essential role in the global economy. In most countries,
companies and other forms of legal structures can be formed
easily and quickly and can gain access to the global
financial system through setting up a corporate bank
account, taking out corporate loans, and using other
financial products. Through anti-money laundering (AML) and
anti-financial crime regulatory reforms, anonymous personal
bank accounts are no longer widely available, and so-called
‘shell banks’ that do not have any physical presence in any
jurisdiction have been effectively outlawed. Instead, shell
companies and other forms of legal structures (such as
limited liability partnerships) have emerged as a primary
mechanism for moving large amounts of illicit funds around
the world. Corporations were originally established to
shield individuals from personal liability when conducting
business; they were never designed or intended to conceal
ownership. But beginning in the 1970s, some offshore
jurisdictions began offering to establish corporations and
other legal structures that would enable individuals to open
bank accounts, transfer funds, and take other actions while
hiding their identities. There are four aspects of shell
companies and other types of legal structures that are
particularly important in the anti-money
laundering/combating the financing of terrorism (AML/CFT)
context: (1) separate legal personality, (2) hiding ultimate
beneficial ownership, (3) providing access to the financial
system, and (4) enabling asset ownership. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| title_short |
Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| title_full |
Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| title_fullStr |
Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| title_full_unstemmed |
Legal Persons and Arrangements ML Risk Assessment Tool : With Guidance on Assessing Risks Related to Beneficial Ownership Transparency |
| title_sort |
legal persons and arrangements ml risk assessment tool : with guidance on assessing risks related to beneficial ownership transparency |
| publisher |
Washington, DC : World Bank |
| publishDate |
2022 |
| url |
http://documents.worldbank.org/curated/en/099705007122242693/P1723550c3efe504d0a3630e857733aa054 http://hdl.handle.net/10986/37701 |
| _version_ |
1764487700856963072 |