The Wolfsberg Group has published its response to the FATF consultation on updating its Risk-Based Guidance on Beneficial Ownership and Transparency of Legal Arrangements (Recommendation 25).
Published in partnership with the Institute of International Finance (IIF), the response details the Group and IIF’s views on:
Scenarios concerning beneficiaries that should be included in this FATF Guidance;
Activities that may be included in the definition of trust administrations;
Suggested approaches to identify, assess, and mitigate the ML/TF risks linked with different types of legal arrangements; and
Further recommendations offered to the FATF for consideration.
Firms can view the Wolfsberg response to the now-closed consultation in advance of potential forthcoming changes to the FATF Recommendations and Guidance.
AML/CTF/CPF
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