Description
The Financial Action Task Force (FATF), an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering, described lawyers as potential “gatekeepers” to money laundering and terrorist financing efforts, due to the different services they can offer to their clients. In the FATF Report on Money Laundering Typologies 2000-2001, the FATF illustrated how lawyers become susceptible to complex money laundering schemes due to their ability to easily switch between “advising on financial and fiscal matters, establishing trusts and corporate entities and completing property and other financial transactions, such as investments.”
