The Financial Action Task Force has called on the governments of the 20 largest economies to issue a public commitment to meet the body’s new standards on beneficial ownership.
The body published a report to G-20 finance ministers and central bank governors on October 7 detailing its ongoing work to improve the implementation of international transparency standards.
It has now stressed that as there is no shortage of international standards designed to improve transparency, the challenge is now ensuring they are implemented appropriately. It has called on the G-20 members to lead by example.
In a previous report to the G-20, the FATF said that only two of nine assessed FATF member countries since 2012 were found to have a substantial level of effectiveness in preventing the misuse of legal persons and legal arrangements.
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