 "significant beneficial ownership, Financial Action Task Force,FATF, Money laundering, fraud, scam, audit, companies")
More than 65,000 companies have made their filings for significant beneficial ownership (SBO) since the introduction of the law two years ago, government sources said.
To plug gaps, the ministry of corporate affairs (MCA) will soon issue clarifications to establish the ultimate owner in cases involving vehicles such as a discretionary trust.
Notified by the MCA in 2018, the SBO rules went through major revisions in 2019. The deadline for making the filing has been extended four times since, with the latest being March 31.
“We have almost reached saturation. It is one of the most complicated
To plug gaps, the ministry of corporate affairs (MCA) will soon issue clarifications to establish the ultimate owner in cases involving vehicles such as a discretionary trust.
Notified by the MCA in 2018, the SBO rules went through major revisions in 2019. The deadline for making the filing has been extended four times since, with the latest being March 31.
“We have almost reached saturation. It is one of the most complicated
