US treasury secretary, Janet Yellen, said on Tuesday that she was launching a commitment by Washington and more than twenty foreign governments and authorities to enhance beneficial ownership transparency. Speaking at the Biden-Harris Administration’s second Summit for Democracy, she said the… Read More ›

beneficial ownership
FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on… Read More ›
FATF updates guidance on beneficial ownership
The Financial Action Task Force (FATF) has published its updated guidance paper outlining tougher global beneficial ownership rules aimed at preventing criminals from hiding their illicit activities and money behind secret corporate structures. Beneficial Ownership of Legal Persons (Recommendation 24)… Read More ›
Impact on financial institutions of upcoming US beneficial ownership rule examined in new paper
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 ›
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 ›