The growing concern for transparency and need for reporting
indicates a stronger mission to combat Money Laundering activities.
Today, regulators in every part of the world are preoccupied with
developing frameworks and procedures to uncover illicit funds.
Their position has drastically moved from a reactive to a proactive
one reflected through the issuance of various regulations
pertaining to Anti-Money Laundering (AML) and Terrorism Financing
(TF). This has resulted in onerous and cumbersome obligations on
financial institutions, Designated Non-Financial Businesses and
Professions (as further explained below), and any entity subject to
the AML reporting obligations (the “Reporting
Entities”).
