Debevoise & Plimpton LLP partner Matthew L. Biben addresses corporate anti-money laundering responsibilities in the newly released International Comparative Legal Guide to: Anti-Money Laundering 2018.
In the latest edition of the guide, Mr. Biben contributes a detailed chapter on the evolution of the mandate for governments to establish and maintain reliable corporate registries and examines the particular forces complicating this issue in the United States. The chapter provides specific insight into how the United States can reduce the misuse of corporate vehicles.
“While many elements of anti-money laundering responsibilities fall to financial institutions,” Mr. Biben notes that, “beneficial ownership is a distinct component of corporate formation—and thus responsibility for its transparency should fall to the government, which, in the United States, means the individual states.”
Debevoise provides clients around the world with pragmatic solutions to their most complex enforcement matters, including those involving anti-money laundering (AML) and sanctions compliance.
Mr. Biben co-leads the firm’s Banking Industry Group and is a member of the firm’s White Collar & Regulatory Defense Group. His practice is focused on negotiation and litigation of complex and diverse regulatory and enforcement matters on behalf of both individuals and organizations, with a concentration on matters related to financial institutions and complex situations involving the government. For the past 24 years, Mr. Biben has been an adjunct professor of law at the University of Pennsylvania Law School.
Mr. Biben’s chapter, “Beneficial Ownership Transparency: A Critical Element of AML Compliance,” is available here.
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