The Caribbean Financial Action Task Force ('CFATF') Risk Trends and Methods Group ('CRTM') announced, on 10 December 2021, that it undertook a project to facilitate knowledge and experience sharing among the CFATF members on the topic of Beneficial Ownership ('BO') risk mitigation, releasing a report on the same. In particular, the CRTM highlighted some useful practices, such as supplementing ongoing BO reporting with periodic filings, establishing discrepancy reporting, designating Trust and Company Service Providers as regulated entities and requiring them to maintain BO registers for legal persons and arrangements, and establishing a central BO register.

Moreover, the CRTM stated that the project was scoped to develop and present an informative depiction of the landscape of corporate registries and legal persons across member countries, and to also gather and share identified vulnerabilities and practices among members with respect to the implementation of measures to prevent the misuse of legal persons and legal arrangements. Lastly, the CRTM stated that the project objectives were to present, among others: 

• a landscape survey of legal person population information and legal arrangements by country, to provide contextual information on volumes, dynamics, and any other pertinent information;
• a survey of the main vulnerabilities relating to the potential misuse of legal persons and legal arrangements throughout the region; and
• a survey of the practices used by members to prevent the misuse of legal persons and legal arrangements for illegal purposes.

You can read the press release here and the report here.