FATF: New Best Practices on Beneficial Ownership for Legal Persons published
The Financial Action Task Force (FATF) approved new Best Practices Paper on Beneficial Ownership for Legal Persons. The new best practices paper highlights the importance of using a multi-pronged approach, suggests key features of an effective system and requires member countries to take steps to prevent entities from being used for criminal purposes.
Based on inputs and case studies from countries around the global network, its aim is to help countries to implement robust and effective measures to prevent criminals and terrorists from hiding behind companies and other legal persons. The paper also suggests options for jurisdictions to obtain beneficial ownership information of overseas entities.