Implementation of the Know-Your-Beneficial-Owner Principle by Corporations for the Prevention and Eradication of the Criminal Acts of Money Laundering and Terrorism Financing

The government is currently discussing the Draft Presidential Regulation on the Implementation of Know-Your-Beneficial-Owner Principle by Corporations for the Prevention and Eradication of the Criminal Acts of Money Laundering and Terrorism Financing (“Draft Regulation”), which is aiming to establish a mechanism whereby corporations can implement the know-your-beneficial-owner principle, with the ultimate goal of eradicating and preventing any activities which relate to money laundering and/or terrorism financing. [1] In order to achieve said objective, the Draft Regulation stipulates a number of provisions which relate to the following matters: