On 18th July, FATF released a report from it and the Egmont Group of FIU that assesses the vulnerabilities linked to the concealment of beneficial ownership in order to support further risk analysis by governments, financial institutions and other professional service providers.  The report uses over 100 case studies provided by 34 different jurisdictions and the experiences of law enforcement and other experts, private sector input the private sector as well as open-source research and intelligence reports to identify the methods that criminals use to hide beneficial ownership.  Vulnerabilities associated with beneficial ownership are analysed, with a particular focus on the involvement of professional intermediaries.  The report highlights the importance of the effective implementation of the FATF Recommendations on beneficial ownership to ensure that competent authorities have access to adequate, accurate and timely information on the beneficial ownership and control of legal persons, and arrangements including express trusts.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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