The Financial Action Task Force has recently updated its International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the FATF Recommendations): see here. The update relates to Recommendation 24 on the transparency and beneficial ownership of legal persons: see here for further information.
The Financial Action Task Force has published Guidance on Transparency and Beneficial Ownership: see here (pdf). The Guidance is intended to assist countries in the design and implementation of measures that will deter and prevent the misuse of companies and other corporate vehicles for money laundering, terrorist financing and other illicit purposes.
The European Commission has published a proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (see here, pdf) and a Regulation on the information accompanying transfers of funds (see here, pdf). These proposals are designed to improve the current legal framework governing money laundering and funds transfer and reflect recent FATF recommendations. For further information see: Commission press release | FAQs | Impact assessment: complete (pdf) and summary (pdf) |.
At a plenary meeting last week the Financial Action Taskforce (FATF) approved a new edition of the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation, The FATF Recommendations: see here (pdf). The European Commission has announced that the changes made will be implemented in the European framework: see here.
