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Supervisory and professional bodies dealing with professional enablers of illicit financial flows

Professional enablers play a crucial role in illicit financial flows (IFFs). Tackling professional enablers requires, among other methods, consistent and effective regulation, and supervision of critical occupations, including financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). A scan of publicly available information on such bodies reveals a scenario of scattered supervision for DNFBPs, with supervisory frameworks often following the profession and not the high-risk activity. Supervision can be under the responsibility of self-regulatory bodies or government agencies, or a mix of the two.

26 August 2021
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Main points

  • Professional enablers can come from various financial and non-financial sectors.
  • Tackling such professional enablers requires, among other methods, consistent and effective regulation, and supervision of critical occupations such as accountants, lawyers, bankers, real estate agents, art dealers and luxury good traders, etc.
  • Different jurisdictions have varying AML/CFT regimes and inconsistent standards for professional conduct, making regulation scattered and uneven.

Cite this publication


Rahman, K.; (2021) Supervisory and professional bodies dealing with professional enablers of illicit financial flows . Bergen: U4 Anti-Corruption Resource Centre, Chr. Michelsen Institute (U4 Helpdesk Answer 2021:15)

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About the author

Kaunain received her Master's in Corruption and Governance from The Centre for the Study of Corruption at the University of Sussex in the UK where her focus area of research was corruption in international business. She works as Research Coordinator at Transparency International (TI), and her main responsibilities lie with the Anti-Corruption Helpdesk.

Disclaimer


All views in this text are the author(s)’, and may differ from the U4 partner agencies’ policies.

This work is licenced under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence (CC BY-NC-ND 4.0)

Keywords


illicit financial flows, anti-money laundering, professional enablers