West European Financial Action Task Force Calls for Austria to Tights “Know Your Customer” Laws

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Sunday, August 1, 1993

Author:

Volume:

9

Issue:

8

295

Abstract:

On July 1, the European media reported that the West European Financial Action Task Force (WEFATF) has criticized Austria for its lax attitude against money laundering and called for corrective action. In particular, criticism was levied at the kinds of anonymous bank accounts that are preserved in the planned laws and violate the “know your customer” recommendations of the Financial Action Task Force…[more]