The Financial Action Task Force (FATF) has recently published a report on the techniques and tools used by professional money launderers. The report on professional money laundering aspires to describe the functions and characteristics that define a professional money launderer, specifically those individuals, organisations and networks that are involved in third-party laundering. This report focuses on money laundering threats as opposed to vulnerabilities and addresses criminal actors, including organised crime groups that specialise in the provision of professional money laundering services and complicit actors.
The report tries to raise awareness of the unique characteristics of professional money laundering (PML):
Understanding the role and functions of those involved in PML;
How organised crime groups (OCGs) and terrorists use the service of PMLs to move funds;
Identify relevant ML typologies and schemes;
Risk indicators for competent authorities and the private sector that are unique for PMLs;
Section II and III of the report explain the framework for the report, differences between individuals, organisations and networks involved in PML. In the sections IV, V and VI, the report highlights the main types of dedicated ML networks, including the types of complicit and criminal financial services providers and other professional intermediaries. PMLs furnish services to criminals and organised crime groups by laundering the proceeds of their illegal activities. PMLs normally do not differentiate between drug dealers, fraudsters, human traffickers or any other criminal with a need to move.
This report is aimed at assisting authorities understand how professional money launderers operate so that they can successfully prosecute and demolish them. Several interesting examples showing the nature and extent of how complex professional money laundering is carried out in practise are analysed throughout the report. It is strongly suggested that companies and persons operating in the financial services industry analyse report in detail.
Franco Falzon & Associates supports clients on anti-money laundering and due diligence issues.
Please contact us for a full version of the above-mentioned report and/or how the firm may support your company on AML and due diligence issues.
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