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FATF and CFATF report on the application of the FATF Recommendations to Trust and Company Service Providers
Financial Action Task Force and Caribbean Financial Action Task Force Report on Trust and Company Service Providers (TCSPs). TCSPs are often involved in some way in the establishment and administration of most legal persons and arrangements, and in many jurisdictions, they play a key role as gatekeepers for the financial sector. The report provides case studies which demonstrate that TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. Report: i) evaluates effectiveness of practical applications of the FATF Recommendations as they relate to TCSPs; ii) considers role of TCSPs in detection, prevention and prosecution of money laundering and terrorist financing; and iii) evaluates potential need for additional international requirements or sector-specific international standards for TCSPs.
Publisher:
Global Standard-Setting Bodies
Release date:
Oct 2010
Type:
Consultative, discussion and issues paper
Topics:
Money laundering and terrorist financing
Sectors:
Banking, Insurance, Securities
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