Joint meeting of the ALG LLP and the G20 Anti-Corruption Working Group

On 1 April 2021, the FATF and the G20 Anti-Corruption Working Group (ACWG) held a joint meeting on improving beneficial ownership transparency.

The meeting provided an opportunity for the FATF to discuss with the speakers and participants its current work and potential amendments to FATF’s Recommendation 24 on transparency and beneficial ownership of legal persons. The forthcoming G20 ACWG Accountability Report also promoted a discussion on the importance of adopting and implementing strong beneficial ownership standards.

Lead speakers from the European Commission, Europol, Egmont Group, Government of Jersey, Open Contracting Partnership and Open Government Partnership participated in the event. The two sessions focused on the role of better access and sharing of information for enhanced effectiveness in both Anti-Money Laundering and Anti-Corruption, also taking into account access to procurement data for detecting corruption schemes and illicit financial flows. The joint meeting signalled a commitment from delegates of the FATF and the G20 ACWG to explore the practical implications of different approaches for improving beneficial ownership information, and the challenges facing numerous actors. The joint meeting highlighted the level of interest in improving beneficial ownership transparency across sectors and institutions, and demonstrated the need for a multilateral approach to tackling concealment of beneficial ownership.