Reliance on information from banks hindering corruption and money laundering investigations

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October 17 2019

Governments are failing to tackle international money laundering and tax fraud because police don’t have the tools to track down the owners of companies suspected of criminal activity, a new report published today by Transparency International claims.

Analysis of country evaluations issued by global anti-money laundering regulator, the Financial Action Task Force (FATF), shows that poor performance is strongly linked to a reliance on data held by banks. Transparency International argues that FATF should require countries to establish central registers of the real owners of companies. Registers must be public in order to allow better verification of information.