Anyone who wants to know more about the thinking behind FATF, the undemocratic regulator of the fight against money laundering, would do well to watch this video with David Lewis, executive secretary of the organisation. It gives a good insight into the reasoning of this closed group of regulators.
His speech shows that FATF is aware of the criticism (like being a closed shop of unaccountable bureaucrats), which FATF, however, ignores. E.g. nothing is said about the one-size-fits-all methods invented for banks that are applied to all other obliged entities, tasks assigned to companies (obliged entities) that have not the expertise to meet them and complicated rules that change too quickly.
About lawyers, accountants and company formation agents he says they “are almost certainly a bigger problem than we care to know about, they are not given enough attention in FATF-evaluations and governments are not held to account for ignoring the problem” (around 4:35 minutes). It reminds of the facilitator- and enabler frame regarding lawyers that is spreading through the world (read my post on OECD and ‘Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes‘).
Watch the video on the Crime Symposium channel, posted on 3 September 2021:
There are more posts on FATF on this blog.
Addition 18 February 2022
Lewis suddenly left FATF. Read the interview with him on antimoneylaundering.com, 19 January 2022.