International compliance standards and risk warnings
There is consensus on international compliance standards.
Global regulators are working together to promote transparency of corporate information, and regions that still have strategic deficiencies will be labeled.
The Financial Action Task Force (FATF), established by the Group of Seven (G7) in 1989, regularly publishes lists of high-risk regions (called blacklists) and lists of regions that require increased monitoring (called grey lists). Its standards have become mainstream international norms. In addition, government departments of different countries (such as the Ministry of Commerce) and international organizations (such as the UN Security Council) will also publish sanctions lists, terrorist lists, and political exposed persons’ lists for participants from all over the world to pay attention to and follow.
Whether it is a country, region, company or individual, only by complying with international compliance standards can we ensure access to normal international financial and professional services.
Beware: Engaging low-cost, non-compliant or virtual service providers may result in poor-quality documentation, lack of statutory records, which in fact is extremely risky.