Fatf recommendations – sanctions wiki

The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). What is money laundering and how does it work In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.


Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. What is money laundering with example The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.

The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). Money laundering kenya In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. Money laundering bangladesh The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.

October 19, 2012 – Pursuant to Ghana’s progress in largely addressing its action plan agreed upon with the FATF, Ghana is now identified in the FATF’s separate but related public document, “Improving Global AML/CFT Compliance: On-going Process.”

The FATF Recommendations of June 22, 2012 – Money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction are serious threats to security and the integrity of the financial system.

Rome, 22 June 2012 – The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). Cases of money laundering In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

June 22, 2012 – Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.

June 22, 2012 – Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. Forms of money laundering The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.

Bolivia Cuba Ecuador Ethiopia Ghana Indonesia Kenya – Has not made sufficient progress since being identified in the Public Statement of June 2011. Money laundering amount This jurisdictions should take significant actions by October 2012

Myanmar – Has not made sufficient progress since being identified in the Public Statement of June 2011. Money laundering images This jurisdictions should take significant actions by October 2012

Nigeria Pakistan São Tomé and Príncipe Sri Lanka Syria Tanzania Thailand Turkey – Has not made sufficient progress since being identified in the Public Statement of June 2011. Us anti money laundering laws This jurisdictions should take significant actions by October 2012

The FATF Recommendations of February 16, 2012 – Money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction are serious threats to security and the integrity of the financial system.

The FATF Standards have been revised to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime while. Acams money laundering At the same time, these new standards will address new priority areas such as corruption and tax crimes.

• On the one hand, the requirements have been specifically strengthened in areas which are higher risk or where implementation could be enhanced. What is meant by anti money laundering They have been expanded to deal with new threats such as the financing of proliferation of weapons of mass destruction, and to be clearer on transparency and tougher on corruption.

• On the other, they are also better targeted – there is more flexibility for simplified measures to be applied in low risk areas. Trade based money laundering definition This risk-based approach will allow financial institutions and other designated sectors to apply their resources to higher risk areas.

• 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.

• 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 FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. Source of funds money laundering The FATF calls upon all countries to effectively implement these measures in their national systems.

“The United States welcomes the successful completion of the work of the Financial Action Task Force (FATF) to revise and strengthen its recommendations to combat the global threat of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. Sar money laundering The FATF is the global standard-setting body for measures to combat these threats and today’s recommendations will be applied by more than 180 countries, through a global network of FATF-style regional bodies, as well as the International Monetary Fund (IMF) and the World Bank.

“The FATF recommendations have been revised to provide governments with stronger tools to take action against financial crime and protect the integrity of the international financial system. What is money laundering in tagalog At the same time, these new standards address new priority areas such as proliferation finance, corruption, and tax crimes. Money laundering legislation uk The revisions reflect a risk-based approach, strengthening safeguards in areas that pose higher risks, and providing more flexibility to simplify measures in areas that pose a low risk for abuse. Money laundering manchester Key new measures include the following:

• Proliferation Finance: FATF has adopted a new standard to assess jurisdictional compliance with the targeted financial sanctions requirements of UN Security Council resolutions that focus on the financing of proliferation activity. What is money laundering This standard will assist countries to address proliferation threats emanating from jurisdictions such as Iran and North Korea.

• Corruption: To combat the significant problem posed by corruption across the globe, FATF has expanded the scope of its standard requiring financial institutions to apply enhanced due diligence (EDD) against all foreign politically exposed persons (PEPs) to now include a risk-based requirement for applying EDD against domestic PEPs. Money laundering meaning in tamil FATF has also strengthened and clarified its standards addressing the transparency of corporate vehicles and trusts, particularly with respect to beneficial ownership requirements. Combating money laundering Such enhancements will assist financial institutions and anti-money laundering authorities to identify and investigate suspect accounts, including those used to launder proceeds of corruption.

• Tax Crimes: FATF has also expanded the scope of predicate offenses to money laundering by including serious tax crimes. Money laundering law This expansion will promote the use of anti-money laundering authorities to assist in the identification, confiscation, and recovery of lost tax revenue.

“The FATF’s issuance of these revised global standards is an important development in the international community’s efforts to protect the international financial system, combat money laundering, terrorist financing, and the financing of proliferation. Sources of money laundering The United States looks forward to joining countries throughout the world in implementing these new standards.”