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FATF publishes beneficial ownership best practice

FATF has published a report setting out examples of best practices to help jurisdictions establish a satisfactory measure of transparency regarding the identification of the beneficial ownership of legal persons.

In addition to taking a multi-pronged approach to gathering identification evidence, the report recommends, and provides supporting examples of, the following elements of an effective system:

  • risk assessment;
  • adequacy, accuracy and timeliness of information in beneficial ownership;
  • access by competent authorities;
  • forbidding or immobilising bearer shares and nominee arrangements; and
  • effective, proportionate and dissuasive sanctions.

 

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Emma Radmore