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US, China and Australia Draw FATF’s Ire

Koos Couvée
London Bureau Chief

Attorneys, real estate agents, notaries, accountants, and trust and corporate services providers in the U.S., China and five other nations that together account for most of the world's economic output are fueling illicit finance, the Financial Action Task Force has warned. Of the 35 nations FATF assessed during a "horizontal review" of global compliance with the group's standards for lawyers and other designated non-financial businesses and professions, or DNFBPs, only Portugal and Luxembourg scored 100 percent, followed by Malaysia at 99 percent and Turkey and Singapore at 98 percent. Brazil, Israel, South Korea and Mexico scored less than 50 percent...

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