The Caribbean Financial Action Task Force (CFATF) is actively seeking input on its methodology revisions related to Recommendations 24 and 25 concerning beneficial ownership.

CFATF’s report states that:

Recommendation 24 – Transparency and beneficial ownership of legal persons

Countries should take measures to prevent the misuse of legal persons for money laundering or terrorist financing. Countries should ensure that there is adequate, accurate, and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities. In particular, countries that have legal persons that are able to issue bearer shares or bearer share warrants, or which allow nominee shareholders or nominee directors, should take effective measures to ensure that they are not misused for money laundering or terrorist financing. Countries should consider measures to facilitate access to beneficial ownership and control information by financial institutions and DNFBPs undertaking the requirements set out in Recommendations 10 and 22. More information can be found here.

Recommendation 25 – Transparency and beneficial ownership of legal arrangements

Countries should take measures to prevent the misuse of legal arrangements for money laundering or terrorist financing. In particular, countries should ensure that there is adequate, accurate, and timely information on express trusts, including information on the settlor, trustee, and beneficiaries that can be obtained or accessed in a timely fashion by competent authorities. Countries should consider measures to facilitate access to beneficial ownership and control information by financial institutions and DNFBPs undertaking the requirements set out in Recommendations 10 and 22. More information can be found here.

Interested parties are invited to submit their comments to the CFATF Secretariat by no later than the end of business hours on Thursday 14 September 2023. Comments can be sent to the following email address: cfatf@cfatf.org.

The BVI Financial Services Commission (FSC) published Circular 4, encouraging all participants within the financial services industry to take the opportunity to engage in this initiative.

BVI FSC’s Circular 4 can be found here.

Methodology Revisions – R.24/R.25 on Beneficial Ownership can be found here.

FATF’s 40 Recommendations can be found here.