The Wolfsberg Group and the Institute of International Finance (IIF) have submitted a joint response to the public consultation launched by the Financial Action Task Force (FATF) on its draft Risk-based Guidance on Beneficial Ownership and Transparency of Legal Arrangements, otherwise known as ‘Recommendation 25’ (Trade-based Financial Crime, 3 November 2023).

The response highlights several areas of concern and makes additional suggestions for inclusion in the final version of the guidance to help countries take measures to prevent the misuse of trusts and other legal arrangements for money laundering or terrorist financing.

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