Public consultation on anti-money laundering guidance
13 March 2019
The Financial Action Task Force (FATF) is undertaking public consultation on its draft risk-based approach guidance for legal professionals. This guidance is intended to apply to legal professional services that concern certain activities including the buying and selling of real estate, managing client money and other assets, managing legal persons or arrangements and buying and selling of business assets.
FATF is an inter-governmental policy-making body which sets standards and promotes effective implementation of measures to combat money laundering and terrorist financing.
In addition to the draft guidance for legal professionals, consultation is also underway on draft guidance for accountants and trust and company service providers.
QLS is considering the materials and whether to prepare a response. Practitioners are invited to provide their comments to QLS or make a submission directly to FATF before COB Monday 8 April 2019.