What are FATF 40 recommendations?
The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.
What is the 40 recommendations in money laundering?
What are the FATF’s 40 Recommendations about? The FATF’s 40 Recommendations are non-binding guidances that target specific areas in which money launderers, terrorists and other criminals conduct illicit financial behavior.
What do you know about the 40 9 Recommendations of FATF?
The FATF revised the 40 and IX Recommendations….IX Special Recommendations.
| I. | Ratification and implementation of UN instruments |
|---|---|
| II. | Criminalising the financing of terrorism and associated money laundering |
| III. | Freezing and confiscating terrorist assets |
| IV. | Reporting suspicious transactions related to terrorism |
| V. | International co-operation |
What are FATF requirements?
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.
What does FATF 10 specify regarding Know Your Customer Due Diligence?
The FATF Recommendations 10 is Customer Due Diligence measures. Under FATF recommendations, financial institutions should be prohibited from identifying and trading with anonymous or fictitious accounts.
Which change did the financial Action Task Force FATF make in its 2012 recommendations?
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.
How many recommendations does FATF?
Compliance mechanism In February 2004 (Updated as of February 2009) the FATF published a reference document Methodology for Assessing Compliance with the FATF 40 Recommendations and the FATF 9 Special Recommendations.
How many FATF recommendations do we have as at 2012?
The revised Forty Recommendations now apply not only to money laundering but also to terrorist financing, and when combined with the Eight Special Recommendations on Terrorist Financing provide an enhanced, comprehensive and consistent framework of measures for combating money laundering and terrorist financing.
What is GREY list in FATF?
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”.
What year were the FATF 40 recommendations issued?
It was formed in 1989 to set out measures to be taken in the fight against money laundering. Since then, the FATF has issued 40 recommendations to fight money laundering and 9 special recommendations to fight terrorist financing.
How many recommendations are in the current FATF recommendations with regard to money laundering?
What are the benefits of implementing the FATF recommendations?
They increase the transparency of the financial system (making it easier to detect criminal activity) and give countries the capacity to successfully take action against money launderers and terrorist financiers. What must a country do to implement the FATF Recommendations effectively?