What are the 40 recommendations of FATF?
What are the 40 recommendations of FATF?
What are the FATF’s 40+9 Recommendations and Standards?
- These include:
- MONEY LAUNDERING AND CONFISCATION.
- TERRORIST FINANCING AND FINANCING OF PROLIFERATION.
- PREVENTIVE MEASURES.
- TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS.
Which recommendations were made by FATF?
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. The FATF calls upon all countries to effectively implement these measures in their national systems.
When did FATF recommendations start?
The original FATF Forty Recommendations were drawn up in 1990 as an initiative to combat the misuse of financial systems by persons laundering drug money.
How many recommendations were given by FATF?
The FATF’s Forty Recommendations on money laundering of 1990 are the primary policies issued by FATF and the Nine Special Recommendations (SR) on Terrorism Financing (TF).
What is GREY list in FATF?
When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.
What is FATF GREY list?
What does recommendation 20 include?
20. Recommendation 20 is maintained on behalf of UN/CEFACT by the by the UN/CEFACT Information Content Management Group (ICG).
What is GREY list of FATF?
What is meant by GREY list?
The ‘grey list’ means that a country gets limited access to international loans. Specifically, “it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to extra checks”.
How many FATF lists are there?
There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.
How many recommendations did the FATF come up with?
Since then, the FATF has issued 40 recommendations to fight money laundering and 9 special recommendations to fight terrorist financing.
When did the FATF revise its money laundering standards?
The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003. In October 2004 the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing – the 40+9 Recommendations.
What was the original purpose of the FATF?
The initial purpose of the task force was to analyze money laundering trends and evaluate the combative steps that global governments have taken to prevent it. Since then, the FATF has expanded to fight terrorist financing, the funding of weapons of mass destruction, and corruption.
What are the recommendations of the FATF Task Force?
The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing: they increase transparency and enable countries to successfully take action against illicit use of their financial system. Learn moreClose.
