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.
Franco Falzon
(Managing Partner)
E: franco@ffinternational.com.mt
T: +356 2010 7771
Disclaimer
While FF International Limited (hereinafter referred to as “FFI”) endeavours to ensure that any information published in articles / publications / memos / updates (including any information published on our website) is accurate as at the time of publication, FFI nor any of their respective directors, partners, officers, employees, or agents make any representation or warranty (express or implied) or accept or will accept any responsibility or liability in relation to the accuracy or completeness of the information contained published in our articles / publications / memos / updates (including any information published on our website) or any other written or oral information made available or published on our articles / publications / memos and updates. Any responsibility or liability in respect of any such information or any inaccuracy or omission arising from any article / publication / memo is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns published on our articles / publications / memos / updates (including any information published on our website) . The content of the above article / publication / memo / update and any information published on our website is intended to serve solely as general information only and its purpose is not to provide any specific professional advice whether of a financial, legal, tax or other nature. Since it is recommended that business decisions be based only on qualified professional advice, neither FFI nor any related company belonging to FFI nor any of the respective directors, partners, officers, employees, or agents of FFI will be held liable for any damages which might result as a consequence of relying on the information contained within. FFI including any directors, partners, officers, employees, or agents of FFI and / or any entity related to FFI accept no liability whatsoever for the content of this article / publication / memo / update for the consequences of any actions taken on the basis of the information provided. If you have any questions relating to the accuracy and correctness of the above article / publication / memo / updates or any information published on our website you are kindly requested inform us by sending us an email on info@ffinternational.com.mt
