Experience to date has, though, become a driver for lesson-learning exercises on why progress is slow and how to improve FATF processes, such as the current IMF scoping study (see below Section 1.1.8) and a forthcoming FATF review. Some argue that FATF resources should be prioritised towards addressing weaknesses in countries’ existing AML-CFT systems to enable these to be assessed as effective, rather than seeking further amendments to the standards such as incorporating publicly accessible registers. Limited progress on effectiveness has also been a driver for efforts to go beyond FATF Standards, for example on BOT, to achieve further AML-CFT success. The EU 5th Anti-Money Laundering Directive (5AMLD), for example, responded to terrorist attacks in Europe and the revelations of the Panama Papers by introducing a more rigorous requirement publicly accessible registers of BO. A growing number of FATF members are going beyond the existing recommendations. For example, of the 37 core FATF members, the 15 current EU member states are set to implement 5AMLD and at least six others are known to be exploring or consulting on publicly accessible registers14. Box 1 below sets out the momentum towards more publicly accessible BO information.
14
Argentina, Australia, Brazil, Canada, Mexico, Norway 13