Identification of Beneficial Owners in Order to Counteract the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism

The paper considers the issues of identification of beneficial owners for the purposes of combating money laundering and terrorist financing. The first part of the paper analyses international recommendations and standards, which laid the foundation for the construction of Russian legislation, and also analyses the experience of European countries (UK, Italy and Germany) in implementing the FATF recommendations. The second part of the paper analyses Russian legislation. As a result of the research recommendations on improvement of the regulatory and legal framework, which are aimed at creating new and improving the effectiveness of existing mechanisms for identification of beneficial owners in order to combat money laundering and financing of terrorism, have been proposed. Keywords: beneficial owners, beneficial owners register, anti-money laundering, FATF recommendations.