Shearman & Sterling LLP | Financial Regulatory Developments Focus | Financial Action Task Force and Egmont Group Publish Research Findings on Concealment of Beneficial Ownership
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  • Financial Action Task Force and Egmont Group Publish Research Findings on Concealment of Beneficial Ownership
    07/18/2018
    The Financial Action Task Force has issued a detailed report on the concealment of beneficial ownership, assessing how legal persons, legal arrangements and professional intermediaries can help criminals conceal wealth and illicit assets. The aim of the report is to help national authorities including financial intelligence units, financial institutions and other professional service providers in understanding the nature of the risks that they face. The report was prepared in conjunction with the Egmont Group of financial intelligence units.

    The FATF and the Egmont Group together identified the need for further analysis of the vulnerabilities associated with beneficial ownership, with a particular focus on the involvement of professional intermediaries, to guide global responses. Their joint report brings together the results of analysis of open-source research, public intelligence reports, classified intelligence holdings and public and private sector experience and expertise. It sets out a comprehensive overview of the main characteristics and vulnerabilities that lead to the misuse of legal persons and arrangements, and the exploitation of professional intermediaries, to conceal beneficial ownership.

    The report identifies a number of issues for consideration to help address the vulnerabilities associated with the concealment of beneficial ownership.

    View the FATF-Egmont Group report.

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