Nairobi, May 7 -- Legal persons and arrangements play a critical role as drivers of economies all over the world. However, these legal structures may be abused for corruption and money laundering among other crimes.

Against this backdrop, the Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, requires countries to set up mechanisms to guarantee adequate, accurate and up-to-date information on beneficial ownership.

It further requires firms to obtain accurate data and to cooperate fully with authorities by making such information available when needed.

Most jurisdictions are facing significant challenges in fulfilling FATF requirements on beneficial ownership transparency of legal structures....