Transparency International's national chapters and partners in 12 African countries write to FATF. "To support African continent in its fight against capital flight, ensure that revised Recommendation 24 requires centralised, public registers of beneficial ownership," reads the letter.

On 21 February, FATF Plenary and Working Group Meetings kick off in Paris. During these meetings, FATF members – 37 countries and 2 regional organisations – are expected to deliberate and vote to decide what the new global standard will look like under Recommendation 24, which requires countries to ensure that competent authorities have timely access to adequate, accurate and up-to-date beneficial ownership information.

Transparency International and our chapters send an open letter to FATF's voting members, urging them to support bold and ambitious measures to advance the global fight against corruption.

FATF announces that it has adopted the new standard. We welcome the information released so far. While years too late, the stronger standard comes at a critical time – just a week after Russia’s invasion of Ukraine, in response to which several countries in the West announced a new wave of targeted sanctions against Kremlin-linked individuals and companies.

FATF announces that it is considering the revision of Recommendation 25 on trusts and releases a white paper for public consultation.

Transparency International submits extensive comments in response to FATF’s public consultation.

Ahead of the FATF plenary, Transparency International issues a list of key fixes to the global standard and urges the membership to consider them carefully before drafting amendments.

Transparency International submits its responses to two FATF public consultations, providing our feedback on the draft guidance for the revised Recommendation 24 (beneficial ownership transparency of companies) and on proposed amendments to Recommendation 25 (beneficial ownership transparency of trusts).

The US Congress passes the historic Corporate Transparency Act into law, which will see the establishment of a central register of beneficial owners in the country.

24 February. Transparency International submits the multi-stakeholder petition on behalf of 700 signatories from 120 countries to the United Nations. Representatives from the academia, civil society as well as the public and private sectors joined us in calling on the UN member states to commit countries to establish public beneficial ownership registers.

25 February. The UN High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) issues its final report, calling for a new global standard on beneficial ownership transparency. They agreed with us – beneficial ownership registers need to be a requirement.

Transparency International's CEO, Daniel Eriksson writes to the FATF President, Dr. Marcus Pleyer to bring to his attention the call for central, public registers from 700 signatories to our UNGASS petition. The letter also urges FATF, as the global standard-setter on anti-money laundering, to lead the way and put forward requirements that are fit-for-purpose.

The government of Canada announces that it will set up a publicly accessible beneficial ownership register by 2025.

Transparency International representatives in each G7 country call on the Finance Ministers and Central Bank Governors, when they meet in coming weeks, to place particular emphasis on measures for tackling corporate secrecy. The G7 Finance Ministers and Central Bank Governors should explicitly, and without mincing words, endorse the global adoption of beneficial ownership registers to prevent kleptocrats from undermining an inclusive recovery from COVID-19, signatories say.

2-4 June. The UN General Assembly Special Session (UNGASS) political declaration is adopted (see also: December 2020 and February 2021). The final text – while not ideal – includes a commitment that goes beyond what was previously agreed in UN documents and even as part of the FATF standards. In Transparency International's view, the political declaration is a step in the right direction, but countries need to go another leap further.

5 June. Following their meetings, G7 countries commit to establishing and strengthening beneficial ownership registers, and calling on countries across the globe to implement and strengthen FATF standards. This is a big shift in the Group's position on the issue (see also: May 2021).

25 June. Major news come from FATF. Following a plenary meeting, members agree to release a white paper for public consultation to receive inputs on ways to strengthen the global standard on beneficial ownership transparency, laid down in FATF's Recommendation 24.

The European Commission proposes a new anti-money laundering package with measures to strengthen public registers across the European Union.

Transparency International proposes specific ways to change the global standard on beneficial ownership transparency. We submit to FATF detailed recommendations, endorsed by Transparency International chapters and partners from 30 countries.

9 September. Under UK's G7 Presidency, commitments by the Group's Interior and Security ministers include beneficial ownership registers and strengthening of the FATF's standards.

27 September. The UK government, Transparency International and the Open Government Partnership co-host a consultation with civil society and private sector representatives on anti-corruption to feed back to G7 governments. There was consensus among participants that "collecting, verifying and publishing information on beneficial ownership is a key priority of especial relevance given ongoing consideration" at FATF.

3 October. The Pandora Papers investigations are released. The secret documents reportedly show high-level officials, oligarchs and billionaires moving wealth offshore while concealing their identities, buying real estate and luxury goods – all with the help of anonymous shell companies. Transparency International strengthens its call for public, central registers of company owners in all countries, including as a solution to prevent jurisdiction-shopping seen in the Pandora Papers reports.

13 October. G20 Finance Ministers confirm their support for strengthening of the FATF recommendations to improve beneficial ownership transparency.

21 October. Following a three-day plenary, FATF proposes amendments to the global standard on company ownership. In Transparency International's view, the draft revisions have the potential to significantly strengthen countries’ resistance to dirty money. FATF opens another public consultation.

3 December. Transparency International, along with our representatives in 35 jurisdictions, submits a response to the public consultation, suggesting additional ways to strengthen the proposed amendments to FATF's Recommendation 24 on beneficial ownership transparency and its interpretive note.

13-17 December. Following Transparency International’s advocacy, the 9th Conference of the States Parties to the United Nations Convention against Corruption (UNCAC) adopts a resolution which calls upon countries "to adopt a multipronged approach to beneficial ownership transparency through appropriate mechanisms such as registries".

Transparency International, The B Team, Global Witness, Open Ownership and Tax Justice Network urge national financial regulators attending the FATF plenary to support proposals in which Recommendation 24 mandates verified, central registers of beneficial ownership information.

On International Anti-Corruption Day, 9 December, we launch a petition calling on the first-ever UN General Assembly Special Session against Corruption (UNGASS), scheduled for June 2021, to commit to transparency in company ownership. First signatories include a group of leading economists, trade unions and civil society organisations tackling issues from human rights, to poverty, to business integrity.

Transparency International calls for the revision of the global standard on beneficial ownership transparency, after concluding that it is not fit-for-purpose. We make the case for a specific requirement with the potential to have the biggest impact: centralised, public registers of companies' true owners.