Author: Dr. Angelika Hellweger 10 February 2023
The Financial Action Task Force’s (FATF’s) report for 2021-22 was analysed by Angelika Hellweger.
In an article, Angelika details the progress that FATF believes has been made. This includes countries improving compliance by enacting a broad range of laws and regulations to better tackle money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
FATF also believes transparency regarding beneficial ownership, tackling environmental crimes and the use of technology to combat money laundering have all seen improvements. The report also highlights efforts to tackle migrant smuggling.
But the report warns that there remain difficulties in investigating and prosecuting high-profile, cross-border cases and preventing anonymous shell companies and trusts being used for illicit purposes.
Angelika concludes that while FATF has made progress and identified areas of high priority for the future, any proposals will be ineffective if enforcement efforts are not adequately resourced.
Angelika’s article was published by LexisNexis. It can be read here. (Subscription required)
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.