Speaking to German newspaper, Handelsblatt last week, the designated chairman of the Financial Action Task Force (FATF) for the next year, Jochen Sanio revealed that he has asked for the International Monetary Fund's assistance in combating money laundering.
The newspaper reported that the IMF will soon be widening its inspections of the financial regulators and institutions of member countries to include examinations of their money laundering safeguards. He suggested that the FATF's effectiveness would be greatly enhanced by the support of the FATF.
According to Handelsblatt, one of the most pressing challenges for Mr Sanio - who is also the president of Germany's federal financial supervisory agency, BaKred - over the coming year will be to persuade non-financial institutions such as law firms and auditors to report money laundering suspicions to the FATF.
The multilateral organisation also plans to introduce a ban on bearer shares (stock certificates which are the property of whoever is holding them at any given time), a proposal which is likely to cause controversy, especially in member states such as Germany and Switzerland.
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