Under the Universal Beneficial Ownership (UBO), FATF Recommendation 24 stated which of the following?

FATF Recommendation 24 specifically addresses the responsibilities of countries (jurisdictions) regarding the transparency and beneficial ownership of legal persons. The core mandate is for countries to implement measures that prevent the misuse of corporate vehicles like companies and trusts for money laundering or terrorist financing. This includes ensuring that accurate and current information on the ultimate beneficial owners (UBOs) is available and can be accessed efficiently by competent authorities, such as law enforcement and financial intelligence units.

A. This is an observation about the difficulty of implementation, not the content of the recommendation itself.

B. This is also an observation and incorrectly focuses on financial institutions' challenges rather than the country-level obligation outlined in Recommendation 24.

D. This incorrectly assigns the primary responsibility of Recommendation 24 to financial institutions; their CDD obligations regarding UBO are covered under Recommendation 10.

1. Financial Action Task Force (FATF). (2012-2023). International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation – The FATF Recommendations. Recommendation 24, p. 21. The text explicitly states, "Countries should take measures to prevent the misuse of legal persons..."

2. ACAMS. (2023). Certified Anti-Money Laundering Specialist - Risk Management (CAMS-RM) Study Guide. Chapter 1: Regulatory Frameworks and International Standards. The guide discusses the FATF Recommendations, clarifying that Recommendation 24 places obligations on countries to ensure UBO transparency.