The new FATF forty recommendations

Richard Parlour, Financial Markets Law International, rp@fmli.co.uk, Tel: +44 1727 845897, Mob: +44 7798 838125, web: www.fmli.co.uk

The cost of money laundering and underlying serious crime remains very large, estimated by some to be between 2% and 5% of global GDP, though the real figure is likely to be somewhat higher. In the light of this growing influence and with the need to keep updated to reflect changes in the threat and new laundering techniques, the FATF has just revised its 40 recommendations. There have been a number of changes, but the fixation with the number 40 continues.