FATF URGES PROACTIVE WIDE-RANGING CHECKS TO ASSESS ACCURACY OF BENEFICIAL OWNERSHIP DECLARATIONS
March 11th, 2023
The Financial Action Task Force (FATF) has advised governments to take a proactive approach to ensuring beneficial ownership (BO) information is accurate, using a wide range of data sources and cross-checking declarations for accuracy. (1) Its new detailed guidance advises on implementing its updated Recommendation 24 on beneficial ownership (BO), which was released last March (2022), requiring governments to ensure “competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies”. (2)
The guidance released ...
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