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Money Laundering Using Trust and Company Service Providers

Trust and Company Service Providers (TCSPs) provide an important link between financial institutions and many of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities.

This comprehensive typologies report evaluates the effectiveness of the practical applications of the FATF 40+9 Recommendations as they relate to TCSPs. It also considers the role of TCSPs in the detection, prevention and prosecution of money laundering and terrorist financing.

Finally, it evaluates the potential need for additional international requirements or sector-specific international standards for TCSPs.

This typologies exercise has drawn from the research and conclusions that were made in previous work, such as the 2006 FATF Typologies study "The Misuse of Corporate Vehicles, including Trust and Company Service Providers" ; from analysis of jurisdictions' responses to a questionnaire developed for this project; as well as case studies obtained from various sources.

This report presents issues for consideration that should help to reduce the use of TCSPs for money laundering purposes.

For more information about this report, please contact the FATF Secretariat at : contact@fatf-gafi.org.