Abstract
The Financial Action Task Force (FATF) is a body made up of regulators from a number of countries. These regulators, including representatives from European countries, are concerned about ensuring the integrity of the international financial system, including prevention of money laundering. Its meetings cover not only monitoring of members' compliance with the recommendations, but also monitoring developments and examining counter-measures and promoting world-wide action against money laundering. FATF published a report containing forty recommendations, which are generally recognized as the blueprint for international action against money laundering. Money laundering regulations are aimed at: banks and building societies, insurance companies, and firms carrying out investment business under the FSA. Having sufficient information about the customer and making use of that information underpins all other anti-money laundering procedures and is the most effective weapon against being used to launder the proceeds of crime. In addition to minimizing the risk of being used for illicit activities, it provides protection against fraud, enables suspicious activity to be recognized, and protects individual firms from reputation and financial risks.
Published Version
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