A Cross-Country Perspective on Beneficial Ownership – Part 1

By: Louan Verdoner, René Offermanns and Steef Huibregtse.

In this two-part article, the authors examine the beneficial ownership concept through a review of the case law of various countries. In Part 1, the history of the concept is outlined, as well as the domestic treatment in Canada, France, Germany and the Netherlands. Part 2 sets out the domestic treatment in Switzerland and the United Kingdom and discusses various economic considerations in regard to the concept.

In recent decades a number of important cases have been decided regarding the interpretation of the term “beneficial owner”. The Canadian Prévost case, in particular, has received a lot of attention. This article provides an overview of important cases on “beneficial ownership”. Furthermore, the authors comment on these cases and describe the approaches of the various countries. Some countries apply a legal interpretation to the concept of beneficial ownership, some a more economic interpretation, and others a combination of both. Finally, the various economic aspects of the concept of beneficial ownership are outlined.

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