July 2014 Newsletter – Designated Non-Financial Businesses and Professions (DNFBPs)
In view of increased legislative requirements for financial institutions to develop and implement measures to combat money laundering and terrorist financing, money launderers may look at DNFBPs to try and conceal laundered proceeds and revenues of crimes. Thus, there is potentially, significant risks in the services offered by this sector being misused for money laundering and the financing of terrorism.
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