Transparency and beneficial ownership provisions to change
FATF issue a consultation on proposed changes to R24 (Transparency and beneficial ownership of legal persons).
The white paper considers:
- Risk-based approach for foreign legal persons
- Multipronged approach to collection of Beneficial Ownership information
- Ensuring adequate, accurate, and up-to-date information
- Consideration of widening access to beneficial ownership information
- Strengthening controls on bearer shares and nominee arrangements
Responses are requested by 20 August 2021
Link to source article
