On 21 July, the Wolfsberg Group of leading banks has published a Paper which expands on a key element of the Wolfsberg Group’s views on developing an effective AML/CFT programme (The “Wolfsberg Factors”), which is to engage with the public sector, including law enforcement. The Paper focuses on successful engagement through Public-Private Partnerships and is intended to be an introduction to the subject for those who may be less familiar with the principles underpinning these arrangements and the pivotal role which national authorities must play. The Group says that the focus on improving the outcomes of collective investments in fighting financial crime will boost the efforts of law enforcement and will increase the effectiveness of AML/CFT programmes – ultimately benefitting public sector participants, private sector stakeholders, and society at large.
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