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By Michael Weis, Director and Rima Adas, Partner, PwC Luxembourg
The increasingly tighter regulatory requirements regarding the fight against money laundering and the financing of terrorism have in recent years become one of the recurring themes in the regulatory framework for financial centres and financial institutions. This trend is not about to stop but continues with the release of the revised 40 FATF recommendations on February 15, 2012. As part of the OECD, the Financial Action Task Force (FATF) is an inter-governmental body which aims to develop and promote policies, both nationally and internationally, to combat money laundering, terrorist financing and since February the financing of weapons proliferation. The former FATF recommendations...
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