VULNERABILITIES IN THE CONCEALMENT OF BENEFICIAL OWNERSHIP INFORMATION
(Survey of Beneficial Ownership in CFATF Jurisdictions)
Port of Spain, Trinidad and Tobago, December 10, 2021 – The Caribbean Financial Action Task Force Risk Trends and Methods Group (CRTMG) undertook a project to facilitate knowledge and experience sharing among the CFATF members on the very important topic of Beneficial Ownership (BO) risk mitigation. The information ascertained from participating jurisdictions indicate that countries have various measures in place to prevent the misuse of legal persons and arrangements for money laundering or terrorist financing. Some specific practices noted which may be useful for members include: supplementing ongoing BO reporting with periodic filings; establishing discrepancy reporting; designating Trust and Company Service Providers as regulated entities and requiring them to maintain BO registers for legal persons and arrangements; and establishing a central BO register. The report has highlighted the need for insightful risk assessments. Failure to understand the risks of the sector (Legal persons and Legal arrangements) severely hinder the effective implementation of risk-based policies and procedures to mitigate the money laundering and terrorist financing risks these corporate vehicles may exploit.
Access the report by clicking HERE ;