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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 FATF's measures.
It is only with increased international co-operation combined
with the use of worldwide co-ordinated litigation to target the
criminals' assets that the fight against money laundering can
be won.
If you would like more information,
please contact of
CPC Investigative Consultancy.
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