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

Download whitepaper