The FCPA and the Bribery Act focus mostly on the giver of the bribe. On the other hand, the recipients of the bribes need to deal with the cash to also avoid being caught. Like all criminals, they either shove cash into their mattresses or find a way to launder the money to get it … Read more »
Tag: FATF
Money Laundering Using Trust and Company Service Providers
Trusts and Company Service Providers (TCSPs) can provide an important link between financial institutions and some of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. The majority of TCSPs are established for legitimate purposes, the Financial Action Task Force’s research Shows that some TCSPs are being … Read more »
FATF Guidance for Legal Professionals
The Financial Action Task Force published RBA Guidance for Legal Professionals. (October 23, 2008) The report outlines the Risk Based Approach to combating money laundering and terrorist financing for lawyers and law firms. Read more »
FATF on Money Laundering and Terrorist Financing Through the Real Estate Sector
The Financial Action Task Force published their report on Money Laundering & Terrorist Financing Thorugh the Real Estate Sector (June 29, 2007). I was disappointed in the report. I have a history of structuring complex real estate transactions. The report did little to help distinguish between legitimate and illegitimate structures. All of the structures and … Read more »
Politically Exposed Person
Politically Exposed Person “PEP” is a person who may be or recently acted in the political arena of a country or has held a position in the recent past. These individuals must be tracked by financial institutions as they pose potential risk. PEP-specific compliance legislation underlines the link between corrupt politicians, money laundering and the … Read more »