Beneficiario controlador

English translation: beneficial owner

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Spanish term or phrase:	Beneficiario controlador
English translation:	beneficial owner
Entered by:	Mariana Melgarejo

16:15 Sep 15, 2020

Spanish to English translations [PRO]
Law/Patents - Law (general) / Securities

Spanish term or phrase: Beneficiario controlador

I need to translate "X declara que es una organización sin fines de lucro y no tiene un beneficiario controlador" into English, in a money laundering contract. I found "controlling beneficiary" as an option, but I am not sure if the definition means the same in English. In Spanish, they are referring to this:

Beneficiario Controlador, a la persona o grupo de personas que:
a) Por medio de otra o de cualquier acto, obtiene el beneficio derivado de éstos y es quien, en
última instancia, ejerce los derechos de uso, goce, disfrute, aprovechamiento o disposición de
un bien o servicio, o

b) Ejerce el control de aquella persona moral que, en su carácter de cliente o usuario, lleve a cabo
actos u operaciones con quien realice Actividades Vulnerables, así como las personas por
cuenta de quienes celebra alguno de ellos.

Is there something similar under US legislation? (money laundering)

Mariana Melgarejo KudoZ activity Questions: 5 (1 open) Answers: 0
Local time: 07:10

beneficial owner

Explanation:
I have a feeling they are referring to this, per the FATF (Financial Action Task Force):

"Beneficial owner
Beneficial owner refers to the natural person(s) who ultimately1 owns or controls a customer2 and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.

[1] Reference to “ultimately owns or controls” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.

[2] This definition should also apply to beneficial owner of a beneficiary under a life or other investment linked insurance policy."

https://www.fatf-gafi.org/glossary/

Selected response from:

Robert Carter
Mexico
Local time: 07:10

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Many thanks!
4 KudoZ points were awarded for this answer

Summary of answers provided

3 +4

beneficial owner

Robert Carter

Controlling beneficiary

Graciela Silvia Parma

Answers

6 mins confidence:

Controlling beneficiary

Explanation:
En el link vas a ver muchos ejemplos

Reference: http://www.lawinsider.com/dictionary/controlling-beneficiary

Graciela Silvia Parma
Works in field
Native speaker of:

Spanish

41 mins confidence:

peer agreement (net): +4

beneficial owner

Robert Carter
Mexico
Local time: 07:10
Specializes in field
Native speaker of:

English
PRO pts in category: 1368

Grading comment

Many thanks!

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Beneficiario controlador

English translation: beneficial owner

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English translation: beneficial owner

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