Where I would come down is.... Peter just kind of elided from the real issue. You know who you're dealing with in transparency. I thought we were talking about money laundering and criminal activity.
Beneficial ownership is not about allowing me to know that I'm transacting with Mr. Masse through his personal holdco. The beneficial ownership argument is about making sure that whether it's corporates or drug dealers or kleptocrats, from whatever countries you chose to pick, they can't use the hiding of their identity to basically commit crimes, enable crimes, and keep the money.
That's what we thought we were about, not about knowing who I'm dealing with. I have a million and one ways.... I spend a lot of my time advising my clients on KYC and knowing who they're dealing with.