The Financial Action Task Force (FATF) recently released comprehensive guidance on Beneficial Ownership and Transparency of Legal Arrangements, aimed at enhancing global efforts to combat financial crime.
An article co-authored by Elias Neocleous & Co LLC’s Dorina Mastora, Deputy Compliance Officer, and Kyriaki Stinga, Senior Associate, and published on Lexology, explores the key aspects of the FATF guidance, focusing on express trusts, charitable trusts, and legal arrangements resembling express trusts. It outlines the roles and responsibilities of stakeholders, the importance of accurate beneficiary information, and record retention requirements for trustees. Moreover, it highlights the implications of non-compliance with FATF Recommendation 25 and emphasises the significance of this guidance for legal, financial, and compliance professionals worldwide. Understanding and implementing these guidelines is essential for bolstering transparency and mitigating risks associated with money laundering and terrorist financing in the global financial system.
The full article can be found on Lexology here.
For more information, please contact Kyriaki Stinga or Dorina Mastora.
