Transparency of asset ownership and its importance for the real sector of the economy

Abstract

Beneficial ownership creates risks for third parties and the beneficiaries themselves, as well as for the international and national economy as a whole. Transparency of asset ownership is of particular importance for the real sector, which contains the most important production and other resources for the interests of the country. The global trend towards transparency as a condition for access to various transactions and legal actions is manifested in domestic legislation and judicial practice through the use of various legal mechanisms (mainly encouraging beneficiaries to disclose the ownership structure of assets). The interdisciplinary significance of the category of “beneficial ownership” requires the development of a uniform approach to determining the legal status of beneficial owners and controlling persons.