“The Risk-Based Approach (RBA) should be abandoned because it has not been effective in deterring money laundering or the financing of terrorism. A rules-based approach to Money Laundering and Terrorist Financing is simpler, more efficient and effective.”
Do you agree with this opinion. You must give reasons for your answer. Discuss the opinion by referring to the RBA which has been applied to two sectors of the economy, including the real estate market.
Compulsory Source
FATF (2022), Guidance for a Risk-Based Approach to the Real Estate Sector, FATF, Paris. Available at www.fatf-gafi.org/publications/documents/Guidance-RBA-Real-Estate-Sector.html
