9 December 2021
GFIA has responded to a consultation by the Financial Action Task Force (FATF) on revisions to Recommendation 24, which focuses on the transparency of beneficial ownership and legal persons, and its Interpretive Note.
It is essential for both companies and governments to hold beneficial ownership information in a registry or another body. Furthermore, the authorities in charge of the beneficial ownership register should ultimately ensure that the data contained in the register is adequate, accurate, and up to date.
It is also important to allow access to information for authorities that have a legitimate interest in obtaining beneficial ownership information for anti-money laundering and countering the financing of terrorism legislative purposes.