In July 2024, the Financial Action Task Force (FATF) developed a report on ‘Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption’ following the FATF’s Report on the State of Effectiveness and Compliance with the FATF Standards1, published in April 2022, which reported that gatekeepers like lawyers, accountants, trust and company service providers, and real estate agents in overall have a poorer understanding of their risks than financial institutions and regularly fail to mitigate them, making them vulnerable to exploitation. These gatekeeps play a crucial role in mitigating the risk of corruption and money laundering. The objective of this Horizontal review of FATF members’ levels of compliance is to drive compliance with the FATF Standards and develop an up-to-date global assessment of the FATF membership’s compliance with requirements applied to gatekeepers.
The report comprises of:
1. Horizontal review:
- FATF member-level of findings;
- Overview of sector findings; and
- What specific requirements are poorly implemented.
2. Challenges and call to action
The report is accessible here.