What are the FATF 40 recommendations?
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. In 1996 the Recommendations were revised for the first time to reflect evolving money laundering typologies.
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 |
Which countries are in FATF blacklist?
As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….FATF Blacklisting reports
- Bahamas.
- Cayman Islands.
- Cook Islands.
- Israel.
- Lebanon.
- United States of America.
- Marshall Islands.
- Nauru.
What are FATF typologies?
The report outlines a series of options that could be considered by the FATF, and by countries, to strengthen safeguards against proliferation financing within the framework of existing United Nations Security Council Resolution 1540 of 2004. …
What are the 3 stages of anti-money laundering?
Anti-Money Laundering (AML) is a set of policies, procedures, and technologies that prevents money laundering. There are three major steps in money laundering (placement, layering, and integration), and various controls are put in place to monitor suspicious activity that could be involved in money laundering.
What is issued by FATF 3 times a year?
The FATF identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in two FATF public documents that are issued three times a year.
Do CDD records need to be kept?
Financial institutions should be required to keep all records obtained through CDD measures (e.g. copies or records of official identification documents like passports, identity cards, driving licences or similar documents), account files and business correspondence, including the results of any analysis undertaken ( …
What are FATF guidelines?
The FATF Recommendations. As amended October 2021. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction.
What are the FATF 40 and 8 special recommendations?
2The FATF Forty and Eight Special Recommendations have been recognised by the International Monetary Fund and the World Bank as the international standards for combating money laundering and the financing of terrorism. FATF 40 Recommendations
What are the FATF standards?
The FATF Standards comprise both the taskforce’s Recommendations (the global AML/CFT standards) and Methodology that assesses how effective countries AML/CFT systems are. 40 Recommendations on Money Laundering (issued in 1990)
Are FATF Recommendations legally binding?
While the recommendations are not legally binding, countries are expected to toe the official FATF line and implement the latest recommendations where possible.
What is the FATF and why does it matter?
The FATF issues non-legal guidances (called Recommendations) that they expect their 200+ member jurisdictions to implement or face punitive actions. The FATF was mandated by the G7 in 1989 to create global Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies and frameworks.