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G20 member countries should reinforce the notion of "beneficial owner" by providing measures to ensure financial transparency
The G20, which considers one of its priorities to ensure financial transparency, especially in relation to the beneficial owners of legal entities and entities, following the GXNUMX summit in Brisbane, approved the High-level Principles for Ensuring the Transparency of Beneficiaries, TASS reports.
In particular, the member states should consolidate the concept of "beneficial owner", which is understood as, among other things, an individual who ultimately owns or controls a legal entity.
G20 countries should identify the sectors of the economy that are at greatest risk and consider improving monitoring and auditing procedures for these sectors.
"The participating countries should establish such a procedure in which legal entities store information about beneficial owners in onshore jurisdictions, and such information is relevant, accurate and up-to-date," the final documents say.
The procedure should also be established in which competent state bodies (including law enforcement, control and financial intelligence units) have timely access to relevant, accurate and up-to-date information on beneficial owners of legal entities. Participating countries can do this, for example, by creating registers of beneficial owners of legal entities or using other suitable instruments.
"Member states should resist misuse and attempts to make legal entities and entities opaque, including by banning the use and issuance of new bearer shares or by taking effective measures to prevent the misuse of bearer shares; by taking effective measures to prevent misuse legal entities that admit the presence of nominee owners and nominee shareholders, "- the document says.