Groupe d'action financière
The Financial Action Task Force on Money Laundering (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, that was established in 1989, sets international standards related to beneficial ownership, including how beneficial ownership is defined. The FATF refers to a "beneficial owner" as the natural person(s) who ultimately owns or controls a legal entity and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.