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Financial Action Task Force 40 Recommendations - Applicability outside the financial sector
The 2012 Revision of the Financial Action Task Force's 40 Recommendations has implications for trading companies and other commercial concerns outside the financial sector.
"Originally, the Recommendations were designed to produce, in a handful of member countries, a broadly standard set of Regulations applicable to banks, insurance companies and securities businesses. But as time has gone by, and especially in the wake of 11 September 2001, the scope of both the offences to which money laundering laws relate and the range of businesses - and even individuals - to which the laws made in compliance with the Recommendations apply have increased dramatically. And the number of countries applying them now numbers in the hundreds.
"The latest version requires member and affiliated countries to modify laws in ways that will have a direct impact on everyone in business."
Morris-Cotterill is to present a series of seminars in Asia Pacific, the Middle East and Europe which will explain
- what bankers, legal advisers, auditors and others must look for when doing business with their clients and customers
- what ordinary businesses must be alert to and what laws they must prepare for
- what governments are likely to do in response to the latest Recommendations
- what banks, insurance companies, securities houses and other businesses affected by the current Recommendations must do in preparation for new compliance / risk management requirements
- where the R40 has weaknesses that criminals might exploit and how financial institutions can guard against that.
Morris-Cotterill said "the impact of the FATF's latest Forty Recommendations is much wider than any previous version. This creates new risks for financial sector businesses and also entirely new regimes for commercial concerns. Once countries begin to move their laws into full compliance, companies will have only a short time to comply. It is essential that they are armed with the necessary information as early as possible."
Full information and booking is at http://www.financialcrimeforum.com
Notes for editors:
1. Seminar dates:
Hong Kong 10/11 May 2012
Jakarta 14 /15 May 2012
Singapore 16/17 May 2012
Dubai 20 / 21 May 2012
London 24 / 25 May 2012
2. The Financial Crime Forum Ltd is a UK corporation, part of The Anti Money Laundering Network group of companies.
See financialcrimeforum.com and antimoneylaundering.net for information.
3. Nigel Morris-Cotterill is Head, The Anti Money Laundering Network, an international group of companies providing consultancy, counter-money laundering strategies, risk management software, face to face training, e-learning and information services. He was a solicitor in the City of London before leaving full time practice in 1994 to form a consultancy firm that has grown into the Group.
4. The Group's Global Response Centre is in Malaysia. It has commercial operations in London and Hong Kong from which it provides global coverage.