International regulations regarding money laundering and their effect on import and export factors in international factoring
Louise Gates, Solicitor, Hammonds At the end of last year the International Factors Group ("IFG") contacted Hammonds for advice about a concern which affects factors involved in international transactions: how can financiers undertaking cross-border factoring transactions comply with international money laundering legislation and in particular the Financial Action Task Force on Money Laundering (FATF) Recommendations? IFG was concerned that import and export factors would have to radically change the way that they trade or fall foul of international law. This article examines the FATF issues relating to factors and rules recently implemented by IFG as a consequence.
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