Risk-Based Approach for the Banking Sector

New FATF guidance assists countries, competent authorities, and banks to identify, assess, and understand the money laundering and terrorist financing risks to which they are exposed, and take the appropriate measures in accordance with the level of risk.

Transparency and Beneficial Ownership

New FATF guidance will help policy makers and practitioners in national authorities to identify, design and implement measures to prevent the misuse of corporate vehicles for money laundering, terrorist financing and other illicit purposes. 

Risk of terrorist abuse in non-profit organisations

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.

 

Virtual currencies

The FATF has made a preliminary assessment of the money laundering and terrorist financing risks associated with virtual currencies.

FATF President

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.  

Key Content

 2012 FATF Recommendations - Title and logo      FATF Recommendations
adopted February 2012

High-risk and non-cooperative jurisdictions:
jurisdictions for which an FATF call for action applies
other monitored jurisdictions

27 Oct 2014

Risk-Based Approach for the Banking Sector

The risk-based approach is an essential component of the effective implementation of the FATF Recommendations. Countries, competent authorities and reporting entities are expected to identify, assess and understand the money laundering / terrorist financing risks they are exposed to so that they can develop the appropriate measures to mitigate these risks. This guidance will help in the design and implementation of this approach for the banking sector, taking into account national risk assessments and the national legal and regulatory framework.

27 Oct 2014

Guidance on Transparency and Beneficial Ownership

The FATF has adopted guidance which will help policy makers and practitioners in national authorities to identify, design and implement risk-based measures to prevent the misuse of corporate vehicles for the purpose of money laundering, terrorist financing and other illicit purposes. These measures will also support efforts to prevent other serious crimes such as tax crimes and corruption.

24 Oct 2014

Outcomes of the Plenary meeting of the FATF, Paris, 22-24 October 2014

During the first Plenary meeting under the Australian Presidency, the FATF adopted a number of reports, such as a guidance on transparency and beneficial ownership and risk-based approach guidance for the banking sector. It reviewed voluntary tax compliance programmes in several jurisdictions and updated its statements concerning high-risk and non-cooperative jurisdictions.

24 Oct 2014

Public Statement - 24 October 2014

The FATF has updated its public statement identifying jurisdictions with strategic deficiencies in anti money-laundering / countering the financing of terrorism measures. FATF calls on countries to apply counter-measures to Iran and the Democratic People's Republic of Korea. FATF also calls its members to consider the risks emanating from Algeria, Ecuador, Indonesia and Myanmar.

24 Oct 2014

Improving Global AML/CFT Compliance: on-going process – 24 October 2014

The FATF identified jurisdictions which have strategic weaknesses in their anti-money laundering and counter terrorist financing (AML/CTF) framework. These countries have developed an action plan with the FATF to address these AML/CTF weaknesses. FATF congratulates Argentina, Cuba, Ethiopia, Tajikistan and Turkey for the strategic progress made in addressing the AML/CFT deficiencies earlier identified by the FATF.

24 Oct 2014

FATF action on the terrorist group ISIL

The FATF expressed concern with the financing generated by and provided to the terrorist group the Islamic State of Iraq and the Levant (ISIL). FATF experts will work together to gain a better insight into sources and methods of funding of ISIL.

23 Oct 2014

FATF clarifies risk-based approach: case-by-case, not wholesale de-risking

The FATF Plenary discussed the issue of de-risking and published a statement emphasizing that the risk-based approach should be the cornerstone of an effective system to combat money laundering and the financing of terrorism, and is essential to properly managing risks.

22 Oct 2014

Mutual Evaluation of Turkey : 15th Follow-Up Report

Turkey has made significant progress in addressing deficiencies in its measures to combat money laundering and the financing of terrorism, as identified in its February 2007 mutual evaluation report. This follow-up report provides an overview of the main changes since the 2007 evaluation of Turkey's level of compliance with the FATF Recommendations.