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Legal Courses

Implementing AML/CFT Standards - Enhancing Beneficial Ownership Transparency Frameworks (AMLS)

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Session No.: ST 23.08

Location: Singapore, Singapore

Date: July 3-7, 2023 (1 week) New dates

Delivery Method: In-person Training

Primary Language: English

    Target Audience

    Legal drafters, policy makers, financial intelligence units, company registrars, tax authorities, law enforcement authorities, financial sector and other supervisors, procurement authorities, and relevant Ministries who might be involved in establishing beneficial ownership transparency frameworks and/or using beneficial ownership information within their jurisdiction.

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    Participants are expected to have at least two years of experience with AML/CFT issues and/or corporate transparency issues. Attendance is by invitation only. Prerequisites are specified in the nomination request letters.

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    Course Description

    Transparency of Beneficial ownership information  - the real persons who own and control companies and other types of corporate vehicles - is important to combat the misuse of legal entities. This course, presented by the Financial Integrity Group of the Legal Department is designed to build the capacities of officials tasked with implementing the international standards on AML and CFT and in particular FATF’s most recent March 2022 update to FATF Recommendation 24 concerning the transparency of legal persons. 
    The course aims to increase participants’ understanding of the technical requirements of FATF Recommendation.24, how these should be reflected in a jurisdiction’s legal and regulatory frameworks to ensure countries hold adequate, accurate and up-to-date beneficial ownership information; consider ways to set up and manage Beneficial Ownership Registers, requirements related to identification, verification, access to and dissemination of beneficial ownership information; and how beneficial ownership information, in addition to AML/CFT, can be useful for a broad range of policy areas (e.g., procurement, conflict of interests, sanctions). 

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Outline, summarize, and analyze the requirements of the revised FATF Recommendation 24.
    • Draw up a medium-term action plan to establish comprehensive beneficial ownership transparency frameworks in a country.
    • Identify/understand the policy, legal and regulatory considerations/decisions required in setting up beneficial ownership registers within a country.
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