FATF TO INSIST ON CENTRAL UBO REGISTERS, AS ITS PLENARY CONDEMNS RUSSIAN INVASION OF UKRAINE
March 5th, 2022
FATF has agreed reforms to its Recommendation 24 on beneficial ownership, insisting that governments ensure UBO data is henceforth held by a public authority or central beneficial ownership registry. The changes agreed by FATF’s plenary last week also insist that competent authorities can rapidly and efficiently access UBO information. FATF has also agreed to ban the issuing of new bearer shares, strengthening disclosure requirements for existing bearer shares and nominee arrangements, “which will stop these being used to hide money laundering”, said a FATF ...
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