Workshop on Concealing Beneficial Ownership

 

The Capital Market Authority organized a workshop on concealing the beneficial ownership for the compliance officers of insurance companies and capital market companies regulated by the CMA presented by Dr. Ahmed Bakheit Al Shanfari.

 

The workshop was organized with the aims of spreading awareness of money laundering and terrorism financial methods to acquaint the participants with the methods the criminals are using to conceal beneficial ownership of illegal wealth and assets as well as understanding the ways for direct or indirect control by individuals and entities to conceal ownership of such assets.

 

The workshop dealt with the methods for detecting the techniques and mechanisms used by the persons who ultimately control the legal persons and legal arrangements. The participants in the workshop will be able to understand the nature of the risks that enable and legal persons, legal arrangements and professional intermediaries to assist the criminals conceal their illegal wealth and assets.

 

The event was part of the workshops and programs related to combating money laundering and terrorism financing executed by the CMA represented by the Anti-Money Laundering and Combating Financing Terrorism Departments. So far, five workshops were held since the beginning of the year 2022 in collaboration with various entities and experts in this filed to enhance the awareness of the regulated entities.