The Financial Intelligence Analysis Unit would like to inform subject persons that the FATF has published a draft text updating the Guidance to Recommendation 24 on the transparency and beneficial ownership of legal persons.
A White Paper for public consultation to consider the potential amendments to Recommendation 24 took place between June and August 2021. Some of the feedback received by the FATF is now included in these amendments with the purpose of increasing transparency about the beneficial ownership of the legal persons/legal arrangements and take action to mitigate the risks.
Subject persons and other interested stakeholders are now invited to provide their feedback on the following specific issues:
- Whether the Guidance to Recommendation 24 is clear or are there any issues which need further clarification.
- Are there case examples of registries and alternative mechanisms for holding of accurate, adequate and up-to-date beneficial ownership information?
- Are there case examples of mechanisms to verify beneficial ownership information in low-risk scenarios?
- Are there case examples of the use of information held by stock exchanges for listed companies to meet beneficial ownership information obligations?
To access the draft text, please click on the following link to the FATF website.
Anyone interested may submit a response by the 6th of December (18:00 CEST) by sending an email to FATF.Publicconsultation@fatf-gafi.org with the subject-line “Comments of [author] on the draft Amendments to FATF Guidance on Beneficial Ownership (R.24)”. Kindly refer to the link provided above for further information.
