The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Lawyers held to account on money laundering

Powerful international task forces charged by G7 governments with fighting money laundering have long pressured banks into taking responsibility for the activities of their customers. Now lawyers may come under the same kind of scrutiny By Nigel Page

Two blacklists published within a week of each other at the end of June have raised the profile of international efforts to combat money laundering and tax evasion. The G7-sponsored Financial Action Task Force (FATF) broke the public silence it has maintained for the 10 years since it was established, by posting a list of 15 jurisdictions it considered to be "non-cooperative" in the international efforts to reduce the scope for money laundering. The list, which included 10 Caribbean islands, also named Israel, Russia, the Philippines and Liechtenstein.

Some of those on the FATF list had their reputations further tarnished when the OECD published a list of countries it considers "harmful" tax havens on June 26. A long lit of 35 offshore financial centers were named as tax havens that, the OECD claims, "harm trade and investment." Among others these include Monaco, Jersey, Guernsey, Gibraltar, Bahrain and the Bahamas.

These moves come at a time when the G7 nations are stepping up pressure on jurisdictions seen to be helpful to anyone recycling the proceeds of crime, not just drug trafficking but also fiscal crime, otherwise know as tax evasion.

They are pushing hard to end the culture of bank secrecy that makes so many of these centers attractive to the money launderer and the tax evader.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree