Open Access Research Article

BEHIND THE SHELL: RISK-BASED SUPERVISION OF CORPORATE SERVICE PROVIDERS AND BENEFICIAL OWNERSHIP TRANSPARENCY IN INDIA’S ANTI-MONEY LAUNDERING FRAMEWORK

Author(s):
SIDDHARTH SHARMA DR. DEEKSHA TEWARI
Journal IJLRA
ISSN 2582-6433
Access Open Access
Volume 3
Issue 8
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Abstract

India has beneficial ownership regime which rests on two statutory pillars one of which is based on declaration which is a significant beneficial owner framework under Companies Act, 2013 and the other is based on due diligence regime of customer in Prevention of Money-laundering Act, 2002. This research paper argues about the connecting institutional layer which is underdeveloped. Corporate service providers (CSPs) that may form and administer an organization which are not subject to single function based supervisory framework. This paper also talks about the information of the beneficial ownership that may not be organised. It proposes CSP supervision based on risk and a statutory system that should be secure and purpose limited data sharing. The proposals have been distinguished from the obligations that are presently in the Indian law.   Keywords: beneficial ownership; shell companies; corporate service providers; money laundering; risk-based supervision; data sharing.

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Authors: SIDDHARTH SHARMA & DR. DEEKSHA TEWARIRegistration ID: 1013649 | Published Paper ID: IJLRA13649 & IJLRA13650 Approved ISSN: 2582-6433 | Country: Delhi, India

Article Information

BEHIND THE SHELL: RISK-BASED SUPERVISION OF CORPORATE SERVICE PROVIDERS AND BENEFICIAL OWNERSHIP TRANSPARENCY IN INDIA’S ANTI-MONEY LAUNDERING FRAMEWORK

Authors: SIDDHARTH SHARMA, DR. DEEKSHA TEWARI

  • Journal IJLRA
  • ISSN 2582-6433
  • Volume 3
  • Issue 8
Citation Download Paper Full Details Search on Google Search on Google Scholar

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International Journal for Legal Research and Analysis

  • AbbreviationIJLRA
  • ISSN2582-6433
  • AccessOpen Access
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