New recommendations on money laundering
At the conclusion of its Plenary meeting last Friday, the
Financial
Action Task Force on Money Laundering (FATF) issued its revised
Forty Recommendations, the international anti-money laundering
standard.
The changes aim to create a substantially strengthened international
framework to combat money laundering and terrorist financing.
The
review includes an extension of anti-money laundering measures
to
designated non-financial businesses and professions such as casinos,
estate agents, accountants and lawyers. The FATF also recommends
inclusion of institutional measures to improve international
co-
operation.
Recent legislation in the UK under the Proceeds of Crime Act
2002,
together with new regulations due to come into force in July
implementing the second EU money laundering directive to tackle
money laundering, reflect the spirit of the FATFís measures.
It is
only with increased international co-operation combined with
the use
of worldwide co-ordinated litigation to target the criminalsí
assets
that the fight against money laundering can be won.
If you would like more information, please contact Vic Stephens
of
CPC Investigative Consultancy.
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