Anti-Money Laundering
In 2003, the Financial Action Task Force (FATF) published a review of its 40 Recommendations for counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation.
Over recent years, this has led to many governments seeking to reform anti-money laundering laws. While most reforms are aimed at the financial services sector and other ‘typical’ sectors, the legal profession has also been affected.
Provisions in reforms which typically affect legal practitioners include those relating to customer due diligence, reporting, record keeping and training obligations on entities that provide services which may facilitate money laundering. To find out more about reforms in your country you should contact your local government representative.
Below are links to information resources on anti-money laundering reform laws.
*FATF is a multi-government body established to develop and promote policies, both at national and international levels, to combat money laundering and terrorist financing.
