News Releases
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 http://www.civicresearchinstitute.com/moneylaundering
or by calling the Civic Research Institute at 609-683-4450 (fax: 609-683-7291).
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