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Important notice from Company Registry on TCSPs - 6 January 2020
06 Jan 2020FATF Publication - Best Practices Paper on Beneficial Ownership for Legal Persons
Transparency of beneficial ownership is essential to prevent the misuse of companies for money laundering or terrorist financing. Based on reviews conducted in the fourth round of mutual evaluation so far, the Financial Action Task Force (“FATF”) has identified obstacles to effective implementation of FATF’s recommendation in this area and published the paper on “Best Practices on Beneficial Ownership for Legal Persons” (“the paper”). The paper can be accessed at http://www.fatf-gafi.org/publications/methodsandtrends/documents/best-practices-beneficial-ownership-legal-persons.html.
The paper aims to provide suggested solutions to the disclosure of beneficial ownership, supported by cases and examples of best practices from delegations of member jurisdictions of the FATF. The paper draws on the experience of different jurisdictions, information provided by the delegations, as well as the work carried out by other stakeholders in the field.