The FATF has updated its Guidance Document on Beneficial Ownership of Legal Persons on 10 March 2023, following several months of intense consultations with external stakeholders and the private sector.
The changes also respond to the outcomes of FATF Mutual Evaluations which show a generally insufficient level of effectiveness in combating the misuse of legal persons for ML/TF globally. The agreed guidance document will help countries implement the revised requirements of Recommendation 24.
The FATF expects all countries, Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to take concrete steps to implement these new standards promptly, and to determine the appropriate sequence and timeframe for implementation at national level.
The revised FATF guidance on Recommendation 24 can be accessed here.