USA AND CHINA SHIRK AML RESPONSIBILITIES FOR GATEKEEPER PROFESSIONS, SAYS FATF
July 9th, 2024
A Financial Action Task Force (FATF) paper on gatekeeper professions and corruption has highlighted how some major countries are dragging their feet in implementing AML/CFT controls. Concerns focus on lawyers/notaries, accountants, real estate agents and company/trust service sectors. Indeed, jurisdictions delivering 50.89% of global GDP comply with half or fewer of FATF requirements for squeezing dirty money from these professions, said its report ‘Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption’ (1). Of these, the USA, China ...
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