FATF ADVISES MULTI-SOURCE CHECKS ON BENEFICIAL OWNERSHIP OF SHELL COMPANIES
October 1st, 2019
THE FINANCIAL Action Task Force (FATF) has said beneficial ownership checks should draw on multiple sources to enable regulators and law enforcers to gather enough information on shell companies to identify their true owners and purpose.
In a statement, the global AML body noted: “Anonymous shell companies are often the vehicles of choice for money laundering by criminals and terrorists. They are used to hide the true identities of their owners and enable the laundering of the proceeds of organised crime, corruption and tax evasion.”
FATF has released ...
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