FATF Holds Consultation with Gatekeepers on Risk-Based Approach

On September 11, 2007, the Financial Action Task Force (FATF) held a meeting in London with approximately 40 participants, representing designated non-financial businesses and professions (DNFBPs), officials from FATF member countries, observers, and one FATF style regional body. The meeting discussed the concept of the risk-based approach to combating money laundering and terrorist financing as developed in the June 2007 FATF Guidance for Financial Institutions, the implementation of a risk-based approach by the DNFBPs (implementation challenges and identification of risk categories), and the possible consultation processes to follow in order to develop more guidance with DNFBPs...[more]