overn ment al ▁body ▁that ▁develop s ▁and ▁prom otes ▁policies ▁to ▁protect ▁the ▁global ▁financial ▁system ▁against ▁money ▁la und ering ▁and ▁terror ist ▁finan cing , ▁that ▁was ▁established ▁in ▁ 1 9 8 9 , ▁sets ▁international ▁standards ▁related ▁to ▁benef icial ▁ownership , ▁including ▁how ▁benef icial ▁ownership ▁is ▁defined . ▁The ▁F AT F ▁refers ▁to ▁a ▁" ben ef icial ▁owner " ▁as ▁the ▁natural ▁person ( s ) ▁who ▁ultimately ▁own s ▁or ▁controls ▁a ▁legal ▁entity ▁and / or ▁the ▁natural ▁person ▁on ▁whose ▁beh alf ▁a ▁transaction ▁is ▁being ▁conducted . ▁It ▁also ▁includes ▁those ▁persons ▁who ▁exercise ▁ult imate ▁effective ▁control ▁over ▁a ▁legal ▁person ▁or ▁arrangement . ▁ ▁By ▁ 2 0 0 1 , ▁F AT F ▁had ▁compiled ▁and ▁maintained ▁a ▁" Black ▁List " ▁of ▁non - co oper ative ▁countries ▁or ▁territ ories . ▁ ▁O E CD ' s ▁" O wn ership ▁and ▁Control ▁of ▁Sh ips " ▁ ▁According ▁to ▁the ▁O E CD ' s ▁ 2 0 0 3 ▁December ▁report , ▁entitled ▁" O wn ership ▁and ▁Control ▁of ▁Sh ips ", ▁corpor ate ▁structures ▁are ▁often ▁multi - layer ed , ▁spread ▁across ▁numerous ▁juris dict ions , ▁and ▁make ▁the ▁benef icial ▁owner ▁" al most ▁im pen et rable " ▁to ▁law ▁enfor cement ▁officials ▁and ▁tax ation . ▁The ▁O E CD ' s ▁Mar itime ▁Transport ▁Committee ▁Secret ariat ▁had ▁initi ated ▁an ▁investigation ▁at ▁its ▁January