The Implementation of Beneficial Ownership Principles in Initial Public Offering (IPO) Prospectuses: A Strategy to Mitigate Money Laundering Risks Posed by Fictitious Controlling Shareholders

Paltiada Saragi

doi:10.59890/ijla.v4i1.168

Authors

Paltiada Saragi Universitas Kristen Indonesia

DOI:

https://doi.org/10.59890/ijla.v4i1.168

Keywords:

Beneficial Ownership, Money Laundering, IPO Prospectus, Nominee Agreement, Due Diligence

Abstract

This study aims to analyze the optimization of Beneficial Ownership (BO) principles in IPO prospectuses to mitigate money laundering risks posed by fictitious controlling shareholders. Employing a normative juridical method with statute and conceptual approaches, the research evaluates 20 IPO prospectuses issued at the Indonesia Stock Exchange between 2020 and 2024. The study assesses the effectiveness of ownership transparency regulations in detecting ultimate beneficiaries within complex corporate structures. Results indicate that current BO disclosures often remain administrative formalities, lacking the substantive verification needed to uncover layered ownership schemes used to conceal illicit funds. Consequently, the paper implies that strengthening substantive due diligence and integrating centralized BO databases are critical to maintaining capital market integrity and meeting international standards.

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