October 24 2019
Anonymous shell companies are one of the most widely used methods for laundering the proceeds of crime and corruption. New FATF Best Practices help countries get rid of the cloak of secrecy concerning the ultimate owner of a company, foundation, association or any other legal person, and prevent their misuse for crime and terrorism.
The Financial Action Task Force (FATF) is the global standard-setter for measures to fight money laundering and terrorist financing. In 2003, the FATF became the first international body to set global standards on beneficial ownership. It required countries to ensure that their authorities could obtain up-to-date and accurate information about the person(s) behind companies and foundations and other legal persons. The FATF further strengthened and clarified its beneficial ownership requirements in 2012.