Regulatory Alerts2020-01-08
Best Practices on Beneficial Ownership for Legal Persons
The Financial Action Task Force issued this document to address implementation challenges regarding Recommendation 24 and provide practical solutions for ensuring transparency of legal persons. It advocates for a multi-pronged approach combining registry, company, and existing information mechanisms to prevent the misuse of entities for money laundering and terrorist financing. The guidance outlines key system features including risk assessments, verification processes, access for competent authorities, and effective sanctions to ensure accurate and timely beneficial ownership data.
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