The primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311- 5355) enacted in 1970 and most notably amended by the USA PATRIOT Act in 2001. Among other measures, it imposes money laundering controls on financial institutions and many other businesses, including the requirement to report and keep records of various financial transactions.

The Basel AML Index is an unbiased instrument for ranking countries and assessing the danger of money laundering and terrorism funding.

Since 2012, the Basel Institute on Governance has produced holistic money laundering and terrorist financing (ML/TF) risk scores based on data from 18 publicly available sources, including the FATF, Transparency International, the World Bank, and the World Economic Forum (WEF).

With a certificate, share transfer or other document, a bearer form enables a designated investment or deposit to be sold, transferred, surrendered or addressed to a bearer without further written instructions.

BNIs are monetary instruments in bearer form, such as traveller’s cheques; negotiable instruments (including cheques, promissory notes, and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title passes upon delivery; and incomplete instruments (including cheques, promissory notes, and money orders) signed but with the payee’s name omitted.

Bearer shares are negotiable instruments that grant ownership of a legal person to the person who holds the physical bearer share certificate and any other similar instruments that are not traceable. It does not apply to dematerialised and/or registered types of share certificates whose owners can be identified.

Bearer share warrants are negotiable instruments that grant ownership rights to a legal person who holds the physical bearer share warrant certificate and any other similar warrants or instruments that lack traceability. It does not include dematerialized and/or registered warrants or other instruments whose owner is identifiable. It also excludes any other instruments that grant the right to subscribe for ownership in a legal person under certain conditions but do not grant ownership or entitlement to ownership unless and until the instruments are exercised.

Benami accounts, linked to the Indian subcontinent’s Hawala clandestine banking system, are nominee accounts held by one individual or organisation on behalf of another. A Benami account or Benami transaction allows a person in one jurisdiction to transfer money to another via a hawaladar while hiding their true identity or the identity of the fund receiver.

In the context of legal persons, beneficial owner refers to the natural person(s) who is the ultimately BO is typically defined as an individual who owns more than 25% of the company’s shares or voting rights, or who otherwise exercises control over the management and operations of the entity. Refers to situations in which ownership/control is exercised through a chain of ownership or control other than direct control.

It also includes those natural persons who exercise ultimate effective control over a legal person. Only a natural person can be the ultimate beneficial owner, and more than one natural person can be the ultimate beneficial owner of a given legal person.

In the context of legal arrangements, the beneficial owner includes (i) the settlor(s); (ii) the trustee(s); (iii) the protector(s) (if any); (iv) each beneficiary or where applicable, the class of beneficiaries and objects of a power; and (v) any other natural person(s) exercising ultimate effective control over the arrangement. In the case of a legal arrangement similar to an express trust, beneficial owner refers to the natural person(s) holding an equivalent position to those referred to above. When the trustee and any other party to the legal arrangement is a legal person, the beneficial owner of that legal person should be identified.

A beneficiary refers to an individual or entity that ultimately receives the funds, assets or benefits from a financial transaction or arrangement.

A bill of exchange is a commercial agreement that ensures that one person will pay another a set amount of money on a specific date. A bill of exchange is a written order issued by one person, known as the drawer, to another person, known as the drawee or debtor, to pay a sum of money on a specific due date. The bill of exchange can be paid to the drawer directly or to a third party, known as the beneficiary or payee, to whom the drawer has transferred (or endorsed) the bill of exchange.

A bill of lading is a legal document issued by a carrier to the shipper. It contains details about which goods are being shipped, where the shipment is coming from and going to, and details of the shipper, carrier, and consignee.

In addition, it provides evidence of the terms of the contract between a shipper and a transport company under which goods are moved between specified places for a specified charge.

A bill of lading is vital because it acts as the legal document of title, which allows the person holding it to claim ownership of the cargo.

A bill of lading can also be a transferable document of title to goods -meaning goods can be bought and sold simply in exchange for the bill.