Improving the mechanism of beneficial owners identification to combat money laundering and terrorist financing

Abstract

Subject. The article considers problems of strengthening the economic and information security, developing complex corporate structures in Russia. Objectives. The purpose is to develop proposals for distribution of responsibilities among government authorities for collection of information about beneficial ownership. Methods. The study draws on the systems analysis. Results. The paper offers measures to organize information exchange between legal entities, their beneficial owners, subjects of primary and State financial monitoring. It establishes the need to create a single register of beneficial owners. Conclusions. Improvement of beneficial ownership mechanism is possible by using the risk-based approach, which implies increased focus on complex corporate structures.