19: AML/CFT supervision or tick-list observers?

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The FATF has clearly set the rules, meaning various nations, businesses and agencies are expected to follow anti-money laundering efforts if they want to appear effective. Yet, as this chapter explains, the cat and mouse game occurring worldwide between supervisors, or regulatory authorities (the cats) and the reporting entities (the mice) is fraught with many challenges at many levels. Challenges associated with supervisory oversight, effectiveness and integrity can all influence how compliance is reviewed. Add in international and regional regulatory authorities and the scope for abuse of power and political influence can increase dramatically.

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