The Financial Action Task Force recently released a report that assesses the money laundering and terrorist financing risks that exist in the securities industry. The FATF, which last addressed this critical issue in a 2003 typologies report, last year decided a "global study" was needed to "better understand these vulnerabilities"; the resulting 86-page report was released on October 26. This report is without doubt the FATF's best effort to date with regard to the degree of detail with which it outlines these risks.
As one might expect, the United States and the United Kingdom led the FATF study that yielded the report, as did Canada. Other participants included Australia, Belgium, Brazil, France, Japan, Luxembourg, the Netherlands, Spain, and Switzerland. In total, more than 40 countries and international organizations participated in the study.
Why does the securities industry report relatively few suspicious transactions? 'Lack of awareness' or something else?
One noteworthy
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