Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by the… Read More ›
beneficial ownership
FinCEN seeks comments from financial institutions and other stakeholders on proposed rule on access to beneficial ownership information
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is seeking comments on a notice of proposed rulemaking (NPRM) published on 15 December 2022 that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and… Read More ›
Inadequate due diligence and beneficial ownership transparency facilitating US$23 billion illegal fishing industry
Lax supply chain due diligence and a lack of beneficial ownership transparency are amongst factors allowing one-fifth of the global fisheries market to be captured by operators involved in illegal, unreported, and unregulated (IUU) fishing, a new report from the… Read More ›
FATF seeks comments on legal aspects of beneficial ownership
The Financial Action Task Force (FATF) is seeking comments to its updated guidance paper to its Recommendation 24 (R24) on the transparency and beneficial ownership of legal persons. Separately, the task force is seeking comments on its review of Recommendation… Read More ›
Germany announces new authority in major shake-up of anti-money laundering and sanctions control efforts
Germany plans to create a national financial crime authority with the aim of effectively fighting white-collar crime, vigorously enforcing sanctions and overcoming its reputation as a money-laundering hub. A central element of the plan is to bundle the most important… Read More ›
Misinvoicing amongst TBML typologies used to cover up environmental crime
Allowing environmental, conservation, and anti-corruption organisations to access export invoices and trade data to identify misinvoicing could help curb environmental crime, including illegal mining, logging, fishing, and wildlife trafficking, according to a virtual convention on environmental crime related illicit financial… Read More ›
Stakeholders respond to the FATF consultation on transparency and beneficial ownership draft amendments
Several stakeholders have commented on the Financial Action Task Force (FATF) draft amendments to its Recommendation 25 (R25) on the transparency and beneficial ownership of legal arrangements (Trade-based Financial Crime, 29 June 2022). Financial institutions are amongst those stakeholders the… Read More ›
FATF seeking views on potential changes to beneficial ownership recommendations
Financial institutions are amongst stakeholders the Financial Action Task Force (FATF) is seeking views from in its review of its Recommendation 25 (R25) on the transparency and beneficial ownership (BO) of legal arrangements. The objective of the review is to… Read More ›