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Thursday, November 14, 2019
Volume:
35
Issue:
11
Abstract:
On October 24, 2019, the Financial Action Task Force (FATF) issued a best practice paper,[1] seeking to provide suggested solutions supported by cases and examples of best practices for beneficial ownership from delegations. The paper responded to challenges faced by delegations in implementing FATF recommendations. The results of FATF Mutual Evaluation Reports (MERs) indicate that jurisdictions find it challenging to achieve a satisfactory level of transparency regarding the beneficial ownership (BO) of legal persons.