After greylisting, FATF shifts focus to ‘hidden’ investors

Countries such as Botswana, which were only recently removed from the greylist for non-compliance with the FATF’s money laundering standards, will have to adopt the new beneficial ownership requirements at the same time as the other 200 or so FATF members.

A ‘beneficial owner’ is defined as a person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise is the ultimate beneficiary of a share or other securities in a company. A beneficial owner of a company enjoys the benefits or proceeds of a company or controls a company without being on record as the official owner.