Beneficial ownership transparency requires legal persons to disclose ultimate owners and enable timely, need based international cooperation.
Amendments to Recommendation 24 require jurisdictions to ensure adequate, accurate and up to date information on beneficial ownership of legal persons, obliging registered entities to collect and make that information available to competent authorities and to establish registries or equivalent mechanisms; the changes also strengthen controls on bearer shares and nominee arrangements and mandate need based international sharing of beneficial ownership information under anti money laundering cooperation. (AI Summary)