Terrorist organisations and non-profit organisations (NPOs) have very different objectives, but often need the same resources to operate. This makes NPOs vulnerable to terrorist abuse.
The FATF has made a preliminary assessment of the money laundering and terrorist financing risks associated with virtual currencies.
On 1 July, Mr. Roger Wilkins AO of Australia became the President of the FATF. He succeeded Mr. Vladimir Nechaev of the Russian Federation. Mr. Je-Yoon Shin of Korea assumed the position of Vice-President of the FATF.
Future assessments will determine how well countries achieve the objective of fighting money laundering and the financing of terrorism & proliferation.
The FATF Recommendations can also help combat corruption.
adopted February 2012
High-risk and non-cooperative jurisdictions:
- jurisdictions for which an FATF call for action applies
- other monitored jurisdictions
20 Oct 2014
The FATF and the G20 Anti-Corruption Working Group jointly organised an Experts' Meeting on Corruption on Saturday, 18 October 2014 to discuss issues of common interest.
16 Oct 2014
The 36 members of the Financial Action Task Group (FATF) and representatives from the FATF-Style Regional Bodies will meet in Paris to discuss the mutual evaluation reports of Norway and Spain and review the implementation of measures taken by countries with weak systems to combat money laundering and terrorist financing. The FATF is also expected to adopt guidance to assist banks applying the risk-based approach and guidance on transparency and beneficial ownership.
15 Oct 2014
FATF President Roger Wilkins addresses the issue of ‘de-risking’. Applying FATF’s standards to combat money laundering and countering the financing of terrorism, requires financial institutions to carry out a process of customer due diligence. The standards do not require a rigid, blanket application of that requirement, but specifically call for a proper risk analysis: the risk-based approach. When it comes to innovation, regulators need to be flexible, focusing on dealing with threats and dangers but not at the expense of killing off innovation.
6 Oct 2014
At the 3rd high-level meeting on financial inclusion and global standard-setting bodies on 2 October 2014, FATF President Roger Wilkins AO reiterated FATF's strong commitment to support financial inclusion goals.
19 Sep 2014
The Council of Europe’s anti-money laundering body MONEYVAL adopted, at its 45th plenary meeting, a public statement on the continued lack of progress in Bosnia and Herzegovina,on legislation to address MONEYVAL’s concerns.
24 Jul 2014
This report aims to raise awareness about the financial flows related to the Afghan opiate trade and the interrelationship between drug trafficking and terrorist financing. It analyses how the financial transactions related to the Afghan opiates trade are conducted, which will assist in the detection of opiate-related financial transactions. It also provides financial centres with information about the factors that make them attractive and vulnerable to financial transactions involving proceeds of drug trade.
1 Jul 2014
An overview of the objectives for the Australian Plenary year (July 2014-June 2015), as presented by FATF President Roger Wilkins to the FATF Plenary in June 2014.
27 Jun 2014
During the last Plenary meeting under the Russian Presidency, the FATF adopted a number of reports, such as a typologies report on the risk of terrorist financing abuse of non-profits, and the key definitions and potential AML/CFT risks of virtual currencies. It reviewed voluntary tax compliance programmes in several jurisdictions and updated its statements concerning high-risk and non-cooperative jurisdictions.