The Financial Action Task Force, an international anti-money laundering body, has stepped up the fight against dirty money and terrorism finance under radical new guidelines approved at a meeting in Berlin. Members of the 31-nation Financial Action Task Force (FATF), responsible for leading the battle against financial crime, adopted far-reaching new regulations intended to strengthen their hand at a meeting in Berlin on Friday. The new rules will expand the FATF’s jurisdiction and allow it to investigate dubious accounts and money transfers of non-traditional financial institutions such as lawyers, accountants, auction houses, casinos and jewelry dealers. Limited only to banks so far, officials hope the move will strengthen the FATF’s crackdown on international money laundering and the financing of terrorist organizations. International estimates suggest that as much as $1.5 trillion, or 5 percent of global gross domestic product, is laundered every year. Full Story
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