Chile Seeking to Establish Beneficial Ownership Registry

Chile’s government sent a bill to the Senate that would establish a register of ultimate beneficial ownership of companies active in the country.

Under the proposal, those with a stake of 10% or more in a company should declare themselves on the register, which would be administered by the tax authority. Legal representatives, directors, administrators, and trust beneficiaries must also disclose their roles.

“A beneficial ownership register will permit Chile to tackle corruption and organized crime; prevent the laundering of assets and terrorism financing; prevent the use of legal structures to commit fraud and aid in the collection of ...