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FATF Raises Alarm Over ‘Gatekeeper’ AML Gaps

The U.S., China and Australia are fueling illicit finance by failing to subject attorneys, real estate agents and other “gatekeeper” professions to anti-money laundering requirements, the Financial Action Task Force warned Monday.

FATF concluded after a “horizontal review” that while global compliance with the group’s standards for the designated non-financial businesses and professions, or DNFPBs, has risen over the past two decades, long-term deficiencies in major financial centers continue to fuel illicit finance within, and well beyond, their borders.

Portugal and Luxembourg performed best out of the 35 nations surveyed after meeting 100 percent of the Paris-based group’s technical recommendations for DNFBPs, followed by Malaysia, Turkey and Singapore.

But FATF singled out the U.S., Australia and China with zero percent scores for failing to implement any of the group’s standards for the gatekeeper businesses and professions. More than half the nations surveyed scored better than 80 percent, by comparison, with the average score hovering around 74 percent. may update this coverage as more information becomes available.
Topics : Anti-money laundering
Source: FATF
Document Date: July 8, 2024