These are focused on three key areas: customer identification, suspicious transaction reporting and proper supervision; information on the true beneficial owners of corporate entities; and the use by criminals of non-financial businesses and professions such as lawyers in laundering funds.

The FATF has long been been concerned about the lack of information about the persons that are the true owners and controllers of assets derived from criminal activity. More recently, various types of corporate entities (companies, trusts, foundations etc) were found to have been used in financing terrorist activity. The FATF is proposing changes to address these gaps. Other businesses that are liable to misuse for money laundering and terrorist financing, like casinos, dealers in real estate, lawyers and investment advisors, are to be given extra attention by the OECD-based body.

©OECD Observer No. 233, August 2002