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Beneficial Ownership Transparency in Spain: New Guidance to Help Implement Global Standards
Madrid, 11 March 2024 - Financial Action Task Force (FATF) Issues Updated Guidance on Beneficial Ownership and Transparency of Legal Arrangements
The Financial Action Task Force (FATF) has issued updated guidance on beneficial ownership and transparency of legal arrangements aimed at helping countries like Spain implement global standards more effectively. Following revisions to FATF Recommendation 25 in February 2023, the new guidance complements existing requirements for legal persons under Recommendation 24.
The Guidance: A Practical Tool for Spanish Authorities and Private Sector Stakeholders
The Guidance is designed to assist Spanish authorities and private sector stakeholders in understanding how transparency requirements apply to trusts and similar legal arrangements. It provides practical advice on assessing money laundering and terrorist financing risks associated with these structures and explains the FATF’s requirements for obtaining accurate beneficial ownership information.
Key Features of the Guidance:
- Practical guidance on understanding and assessing money laundering and terrorist financing risks associated with trusts and similar legal arrangements
- Explanation of the FATF’s requirements to obtain adequate, accurate and up-to-date beneficial ownership information for express trusts and similar legal arrangements
- Mechanisms to verify beneficial ownership information
- Emphasis on international co-operation to prevent cross-border money laundering or terrorist financing
Comprehensive Body of Work Aimed at Improving Transparency of Beneficial Ownership Globally
The Guidance reflects input from public consultations and extensive engagement with the private sector and other stakeholders. It completes a comprehensive body of work aimed at improving transparency of beneficial ownership globally.
Spain to be Assessed by FATF During Upcoming Round of Mutual Evaluations
Spain will be assessed by the FATF during its upcoming round of mutual evaluations, which is expected to take place in the coming months. The strengthened standards and guidance on beneficial ownership transparency are designed to help identify corrupt actors, sanctions evaders, money launderers and tax evaders who hide or launder their criminal property or activities in shell companies or other complex structures as well as trusts or other legal arrangements.
By Implementing These New Standards, Spain Can Demonstrate its Commitment to Combating Financial Crime
By implementing these new standards, Spain can demonstrate its commitment to combating financial crime and promoting a more transparent business environment.