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In Guidance, FATF Details How Nations Should Identify Corporate Owners
By Colby Adams
printA global anti-money laundering group Monday outlined how countries should identify corporate owners in an effort to stop criminals from hiding behind shell companies and other legal entities. Citing past mutual evaluation reports, the Financial Action Task Force (FATF) said in guidance that nations have historically found implementing its recommendations on transparency and beneficial ownership difficult. Ensuring the accuracy of any data collected on beneficial owners is "particularly challenging" when corporate structures involve entities abroad, FATF said. "In many countries, information on the beneficial owner (in addition to the legal owner) of a corporate vehicle is not available as it...
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