Emma RadmoreAt FATF’s latest meeting, it adopted amendments to Recommendation 24 and its interpretive note. The recommendation now requires a multi-pronged approach to the collection of beneficial ownership information. Countries need to ensure they require companies to hold information about their own beneficial ownership which is readily available to relevant authorities. Countries should follow a risk based approach that ensures appropriate information is available quickly when required, and should include an assessment of the risks posed by legal persons and the risks of particular arrangements, such as bearer shares and warrants, and nominee arrangements.
In other decisions at the meeting, FATF agreed to put the UAE under increased monitoring and remove Zimbabwe from the increased monitoring programme.
