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Money Laundering and Financial Crimes
(2) FATF Recommendation 21 states: Financial institutions should give special attention to business relations and transactions with persons, including companies and financial institutions, from countries which do not or insufficiently apply these Recommendations. Whenever these transactions have no apparent economic or visible lawful purpose, their background and purpose should, as far as possible, be examined, the findings established in writing, and be available to help supervisors, auditors and law enforcement agencies.The FATFs NCCT exercise, while not designed to focus on OFCs, has had a significant impact on the OFCs and other jurisdictions around the globe. For more information on this initiative see the discussion of the NCCT process in the Multilateral SectionFATF overviewin this report.Explanatory Notes To the Offshore Financial Services C ... [Read More]
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