On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements.

The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and addresses the trust-specific features and related anti-money laundering / countering the financing of terrorism transparency obligations. It complements the guidance published on Recommendation 24 in view of certain overlapping elements and aims to assist in the implementation of the requirements of Recommendation 25, adopted in February 2023. Guidance on Recommendations 24 and 25 should be read in parallel as equally informing countries’ approaches to the implementation of the FATF Standards on beneficial ownership.

Next steps

The FATF will assess countries’ implementation of these requirements during its upcoming round of mutual evaluations.