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23 May 2023

Divided opinion: the continuing debate on public access to registers of beneficial ownership

Helen Ratcliffe Consultant

International and Private Wealth

Following the 31 January 2023 deadline for the registration of offshore entities on the UK’s new Register of Overseas Entities, there is still debate as to whether the registers should be made public.

In an article for IFC Review, consultant Helen Ratcliffe considers the development of the EU directives on this subject.

‘Recommendation 24 as originally issued said that countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons which can be accessed by competent authorities. This was strengthened in 2012 and revised in March 2022. At the same time the FATF opened a public consultation on draft updated guidance which closed in December 2022. It met to discuss the comments in February 2023 and issued the updated guidance in March 2023.

The revisions to Recommendation 24 require countries to use a “multi-pronged approach” and to adopt a risk-based approach, with accurate information being made available through verification. The focus is very much about ensuring that competent authorities can gain timely access to verified data.’

The full article is available to read on the IFC Review website.