ABSTRACT
The CTF legislation put into place by individual countries is a reflection of broader requirements and approaches agreed by international bodies, in particular the United Nations and the Financial Action Task Force on Money Laundering (FATF). Whilst the FATF requirements and those of their affiliated regional groups are not strictly legal requirements in the sense that UN treaties (when ratified) and national legislation are, nevertheless the overall effect is to create a framework of legal and quasi-legal requirements which we have attempted to summarize here, and which should be read in conjunction with Chapter 6 (‘Best Practice’) which deals with guidance issued by various industry-specific bodies.
