The Financial Action Task Force (FATF) report to the July 2017 G20 leaders’ summit in Hamburg provided an overview of the FATF’s recent work on fighting money laundering and terrorist financing. This includes a focus on transparency and the availability of beneficial ownership information, in respect of which the FATF is currently engaged in two projects:
a joint research project with the Egmont Group to study the risk of abuse of certain types of corporate vehicles and professional intermediaries, expected to complete in October 2017; and
a horizontal study on the enforcement and supervision of beneficial ownership obligations, focusing on measures that countries are currently taking to prevent, identify and respond to corrupt or negligent intermediaries and professionals, and seeking examples of potential best practices, expected to complete in October 2017.
The FATF is working with the OECD global forum to apply the beneficial ownership standards coherently in their respective areas of responsibility. See http://bit.ly/2uPWLzW.
In its Hamburg action plan, the G20 said: ‘We welcome the work by the FATF and the Global Forum on Transparency and Exchange of Information for Tax Purposes. We welcome the OECD’s progress report on its work in complementary tax areas relating to beneficial ownership. We ask the FATF and the OECD to report back to our finance ministers and Central Bank governors on further progress by early 2018.’
The Financial Action Task Force (FATF) report to the July 2017 G20 leaders’ summit in Hamburg provided an overview of the FATF’s recent work on fighting money laundering and terrorist financing. This includes a focus on transparency and the availability of beneficial ownership information, in respect of which the FATF is currently engaged in two projects:
a joint research project with the Egmont Group to study the risk of abuse of certain types of corporate vehicles and professional intermediaries, expected to complete in October 2017; and
a horizontal study on the enforcement and supervision of beneficial ownership obligations, focusing on measures that countries are currently taking to prevent, identify and respond to corrupt or negligent intermediaries and professionals, and seeking examples of potential best practices, expected to complete in October 2017.
The FATF is working with the OECD global forum to apply the beneficial ownership standards coherently in their respective areas of responsibility. See http://bit.ly/2uPWLzW.
In its Hamburg action plan, the G20 said: ‘We welcome the work by the FATF and the Global Forum on Transparency and Exchange of Information for Tax Purposes. We welcome the OECD’s progress report on its work in complementary tax areas relating to beneficial ownership. We ask the FATF and the OECD to report back to our finance ministers and Central Bank governors on further progress by early 2018.’
