Coalition submission to FATF public consultation call on Beneficial Ownership standard and guidance
The FATF held a public consultation on their Recommendations pertaining to Beneficial Ownership. Specifically, this was for the Guidance document on Recommendation 24 and for revisions to Recommendation 25.
The Global NPO Coalition submitted comments, reiterating many of the points made during earlier rounds of consultation around the revision of Recommendation 24. Please find our comments here.
The March 2022 FATF Plenary adopted amendments to Recommendation 24 (transparency and beneficial ownership of legal persons), and agreed to immediately start the work to update guidance on beneficial ownership, with a view to help support the implementation of the new requirements. The draft text of the Guidance is available here.
Additionally, the FATF is also conducting a review of Recommendation 25 and its Interpretive Note on the transparency and beneficial ownership of legal arrangements. The FATF is also considering amending the definition of beneficial ownership in the glossary, to provide more clarity regarding legal arrangements. The FATF’s objective is to improve Recommendation 25 and its Interpretive Note to better meet its stated objective of preventing the misuse of legal arrangements for money laundering or terrorist financing.