The Financial Action Task Force (FATF), the global standard-setter in the fight against money laundering and the financing of terrorism, has revised the Recommendations used by more than 180 governments to combat these crimes. The revisions provide authorities with stronger tools to act against criminals and address new threats to the international financial system.
The revised standards are available to view today and can be found at the following link:
http://www.fatf-gafi.org/document/17/0,3746,en_32250379_32236920_49656209_1_1_1_1,00.html
The main changes are:
- Combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN Security Council.
- Improved transparency to make it harder for criminals and terrorists to conceal their identities or hide their assets behind legal persons and arrangements.
- Stronger requirements when dealing with politically exposed persons (PEPs).
- Expanding the scope of money laundering predicate offences by including tax crimes.
- An enhanced risk-based approach which enables countries and the private sector to apply their resources more efficiently by focusing on higherrisk areas.
- More effective international cooperation including exchange of information between relevant authorities, conduct of joint investigations, and tracing, freezing and confiscation of illegal assets.
- Better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing.
The Financial Action Task Force (FATF) Issues Revised Anti-Money Laundering and Counter Terrorism Financing Recommendations
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