On 6 August, Transparency International published an article saying that its analysis, first released in 2019, has shown that there are significant weaknesses in terms of ensuring transparency of beneficial ownership across FATF countries.  It concluded that it was time for FATF to review its standards and guidance documents, and to adopt a multi-pronged approach to beneficial ownership transparency where registers are already required. It now seems that FATF member states are now finally open to suggestions on the ways to revise of the global standard on beneficial ownership transparency.  Transparency International offers 5 ways to improve the global standard –

make beneficial ownership registers a requirement

clearly define “beneficial ownership”

require independent verification of beneficial ownership data

close loopholes that allow anonymity: bearer shares and nominees

increase ownership transparency of foreign companies


Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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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