News
Anti-Money Laundering and Counter-Financing of Terrorism
14-Jul-2024
AML/CFT Legal Obligations for Accountants- Dr. Talal Abu-Ghazaleh
The Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, first introduced in 2017 a guidance document titled “Risk Based Approach to Combating Money Laundering and Terrorism Financing,” outlining the importance of implementing the risk-based approach as part of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program in international banking and other sectors. This document was revised in 2019. The FATF Recommendations 10, 11, 12, 15, 17, 18 to 23 apply to all Designated Non-Financial Businesses and Professions (DNFBPs) including accountants. In the case of accountants, these Recommendations apply in the following situations:-
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