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.
An international group rejected a proposal to lower the threshold at which countries fall under deeper global scrutiny for not tackling illicit finance, potentially sparing major economies from ending up on a “gray list” of nations with porous defenses against financial crime.
An intergovernmental group that sets global standards against money laundering may examine nations with large banking sectors or high exposure to financial crime more frequently in its next round of evaluations, a senior leader of the organization said.
The Financial Action Task Force issued the Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption, and underscored the inextricable link between corruption and money laundering.
July 8, 2024
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