FATF has published its report to the G20 setting out its ongoing work to improve the implementation of international standards on transparency, including on the availability and exchange of beneficial ownership information. The G20 had called on FATF to make initial proposals on beneficial ownership at its meeting in September. The standards, which are intended to prevent the misuse of companies, trusts, and other corporate vehicles, are globally recognised and used in the peer review process of the Global Forum on transparency and exchange of information for tax purposes (Global Forum). The report explains that a review of the first nine countries to undergo the FATF's current assessment cycle has highlighted that many countries still do not implement the beneficial ownership requirements effectively.