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Palau Moves to Improve Transparency with New Guidelines on Beneficial Ownership Disclosure

In a significant step towards curbing financial crimes, Palau has adopted new guidelines on beneficial ownership disclosure, following updates to the Financial Action Task Force (FATF) Recommendation 25.

Enhanced Transparency for Legal Arrangements

The revised guidance aims to help countries and private sectors better understand transparency requirements for legal arrangements, specifically trusts and similar structures. It provides practical advice on assessing money laundering and terrorist financing risks associated with such arrangements, while emphasizing the need for:

• Adequate, accurate, and up-to-date beneficial ownership information
• Mechanisms for verifying this information
• International cooperation to prevent cross-border abuses

Global Effort towards Transparency and Accountability

Developed through public consultations and extensive engagement with stakeholders, including the private sector, the guidance completes a comprehensive effort to improve global transparency of beneficial ownership. The strengthened standards are expected to help identify:

• Corrupt actors
• Sanctions evaders
• Money launderers
• Tax evaders who use shell companies or complex structures to hide or launder criminal proceeds

FATF’s Upcoming Assessment

In its upcoming round of mutual evaluations, the FATF will assess countries’ implementation of these requirements. Palau’s efforts are expected to contribute to a global effort towards greater transparency and accountability in financial transactions.

By implementing these new guidelines, Palau is taking a significant step towards curbing financial crimes and promoting a more transparent and accountable financial system.