Corporate vehicles, such as companies and trusts, play an integral role in the global economy. However, under certain conditions, they have been misused for criminal purposes including money laundering and corruption. Taking action to prevent the misuse of corporate vehicles is essential to ensure the integrity of the international financial system, and support economic growth and development.
The FATF has set international standards which require countries to implement measures to ensure that accurate information on the beneficial ownership of legal persons and legal arrangements is available to competent authorities in a timely fashion. The FATF Guidance on Transparency and Beneficial Ownership will assist jurisdictions with their implementation of the FATF standards in this area.
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