On 12 December 2010, FATF published a report (dated October 2010) on money laundering using trusts and company service providers (TCSPs).
The report considers the role of TCSPs in the detection, prevention and prosecution of money laundering and terrorist financing. It also evaluates the effectiveness of the FATF recommendations relating to TCSPs.
The report notes that a number of jurisdictions have chosen not to recognise or put in place an anti-money laundering (AML) supervisory framework for TCSPs. Other jurisdictions have had difficulty in developing an appropriate oversight regime for TCSPs. These issues have resulted in potentially important gaps in the global AML network and therefore more work should be done to enhance the international requirements that apply to TCSPs.