What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

The correct answer is D. Legal persons and arrangements. The Financial Action Task Force (FATF) 40 Recommendations address the transparency and beneficial ownership of legal persons (such as companies, foundations, associations, etc.) and legal arrangements (such as trusts, fiducies, anstalts, etc.) in Recommendations 24 and 2. These…

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

AGatekeepers
BCorrespondent banking
CPayable through accounts
DLegal persons and arrangements

How the community answered

(23 responses)

A
4% (1)
B
4% (1)
C
9% (2)
D
83% (19)

Explanation

The Financial Action Task Force (FATF) 40 Recommendations address the transparency and beneficial ownership of legal persons (such as companies, foundations, associations, etc.) and legal arrangements (such as trusts, fiducies, anstalts, etc.) in Recommendations 24 and 2. These recommendations aim to prevent the misuse of legal persons and arrangements for money laundering, terrorist financing and other illicit purposes, by requiring countries to ensure that accurate and up-to-date information on the natural persons who ultimately own or control them (the beneficial owners) is available to the competent authorities in a timely manner.

Topics

#FATF 40 Recommendations#beneficial ownership#legal persons#transparency

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