REPORT ON PRACTICES AND CHALLENGES OF LATIN AMERICAN COUNTRIES ON MECHANISMS FOR COLLECTING BASIC AND BENEFICIAL OWNERSHIP INFORMATION

GAFILAT, the FATF-style regional body, has published this report from April 2020.  It introduces the practices, challenges and barriers that exist in the GAFILAT member countries regarding the availability and access to basic and beneficial ownership information. Likewise, based on the challenges identified, the work presents proposals, best practices and lessons learned from both Latin American countries and the rest of the world. The last section of the paper presents a possible road map, depending on each country’s context, as well as a list of resources adopted by different countries to overcome obstacles to increased transparency.  It says that the transparency of basic and beneficial ownership information is of utmost importance not only to avoid damage to the reputation of countries by obtaining a bad rating or being included in a grey or black list, but mainly to facilitate the work of authorities, reporting institutions and society in general.  It says that countries should understand that, although they may opt for different alternatives, they should consider the best cases and learn from others because although efforts and progress will be noticed, in the end international organisations, local authorities, and public opinion will focus on concrete results and the effective possibility of ensuring access to and use of information to prevent money laundering and financing of terrorism, among other crimes.

https://www.gafilat.org/index.php/es/biblioteca-virtual/gafilat/documentos-de-interes-17/traducciones/3990-report-on-practices-and-challenges-of-latin-american-countries-on-mechanisms-for-collecting-basic-and-beneficial-ownership-information/file

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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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