Anti-Money Laundering Legislation Implementation Group: IBA appointed to co-ordinate global legal community in drafting guidance

Representatives of the Anti-Money Laundering Legislation Implementation Group, which is a specialised Working Group of the IBA’s Public and Professional Interest Division, attended a meeting in Bern, Switzerland on 11 December 2007 with the Financial Action Task Force (FATF) and other representatives of the private sector. FATF is an inter-governmental organisation that sets the agenda for anti-money laundering legislation worldwide. For instance, the European Union followed its guidelines and recommendations when issuing the Third EU Money Laundering Directive, which came into force on 15 December 2007.

The 11 December meeting was the second meeting (the first was held in London in September 2007) that FATF has conducted with designated non-financial businesses and professions (DNFBPs), including lawyers, accountants, casino operators, real estate agents and dealers in precious metals and stones. In a unique public/private partnership, FATF is seeking the involvement of these DNFBPs in drafting guidance relevant to each respective group on the risk-based approach to money laundering legislation, particularly in the context of customer due diligence.