Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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3/2/04 USA PATRIOT Act Monitor News Release: Financial Action Task Force Releases 2003-2004 Typologies Report

The Report on Money Laundering Typologies 2003-2004 has been released by the FATF Secretariat. The typologies report looks at insurance industry vulnerabilities, noting that launderers often use brokers and intermediaries not under the control of policy issuers because this makes certain schemes difficult to detect. The report also finds that the trend towards involvement of legal and financial experts - gatekeepers - in various schemes seems to be continuing. Lawyers and accountants are being used to set up corporations and trusts that become integral to money laundering frameworks. Lawyers also provide a "veneer of legitimacy" when serving as intermediaries. The report acknowledges that "traditions of professional client secrecy" deter gatekeepers from cooperating with authorities. These and other aspects of the typologies report will be reviewed in the March issue of the USA PATRIOT Act Monitor.

The USA PATRIOT Act Monitor and the news releases prepared by the Monitor staff are services of the Civic Research Institute, publisher of Money Laundering, Terrorism, and Financial Institutions, by Raymond Banoun and John Ensminger. Contact and subscription information may be obtained at or by calling the Civic Research Institute at 609-683-4450 (fax: 609-683-7291).

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