CFATF: VULNERABILITIES IN THE CONCEALMENT OF BENEFICIAL OWNERSHIP INFORMATION

On 10 December, FATF-style regional body for the Caribbean, CFATF, issued a news release saying that its Risk Trends and Methods Group (CRTMG) undertook a project to facilitate knowledge and experience sharing among the CFATF members on the very important topic of Beneficial Ownership (BO) risk mitigation.  It found that countries have various measures in place to prevent the misuse of legal persons and arrangements for money laundering or terrorist financing.  It noted specific practices noted which may be useful for its members and highlighted the need for insightful risk assessments. It said that failure to understand the risks of the sector (re legal persons and legal arrangements) severely hinder the effective implementation of risk-based policies and procedures to mitigate the money laundering and terrorist financing risks these corporate vehicles may exploit.

The report is at –

https://www.cfatf-gafic.org/home-test/english-documents/cfatf-resources/17248-cfatf-bo-project-report-december-2021

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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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