In recent years, the number of victims of human trafficking and migrant smuggling has continued to grow significantly. In addition to the terrible human cost, the estimated proceeds that human trafficking generates have increased five-fold since the Financial Action Task Force (FATF) produced a comprehensive report on the laundering of the proceeds of these crimes […]
Read MoreFATF Consults on Draft Guidance on Information Sharing Between Financial Institutions
On 29 June 2017, the Financial Action Task Force (FATF) published for consultation draft guidance for private sector information sharing. http://bit.ly/2so2vmJ The FATF explains that effective information sharing is one of the cornerstones of a well-functioning anti-money laundering (AML) and counter-terrorist financing (CTF) framework. The constructive and timely exchange of information is a key requirement […]
Read MoreFATF updates guidance for money or value transfer services
On 23 February 2016, the Financial Action Task Force (FATF) published an updated version of its guidance on a risk-based approach for money or value transfer services (MVTS). http://bit.ly/1LbtPZ1 FATF originally published guidance for money services businesses in July 2009 – The guidance has been updated to bring it in line with the 2012 FATF […]
Read MoreFATF IMPACT ON COUNTRY FINANCIAL RISK CALIBRATION
Interesting article on the latest Basel 2015 AML Index and the impact of FATF standards on country evaluation. Calls made for the group to take ‘a “holistic approach to the risks of money laundering and terrorist financing,” such as including the perception of corruption and the general transparency of a country’s financial sector and even […]
Read MoreFATF Public Statement
On June 27, 2014, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic AML/CFT deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions. For further details please follow the link : http://1.usa.gov/X6rU0C
Read MoreFATF Guidance – politically exposed persons – (recommendations 12 and 22)
For the purpose of this guidance paper, the definitions set out in the Glossary to the FATF Recommendations apply.5 The FATF Glossary definition of politically exposed person is meant to have the same meaning as the term persons with prominent public functions (as used in UNCAC Article 52). In particular, the following definitions, which do […]
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