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.
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.
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.
adopted February 2012
High-risk and non-cooperative jurisdictions:
- jurisdictions for which an FATF call for action applies
- other monitored jurisdictions
18 Dec 2014
FATF has published the Mutual Evaluation Report of Norway, which reviews its anti-money laundering and counter-terrorist financing measures. Norway has taken some good initiatives to combat money laundering and terrorist financing, but needs to establish overarching policies and strategies, and address significant weaknesses in a number of key areas.
5 Dec 2014
FATF has published the Mutual Evaluation Report of Spain, which reviews its anti-money laundering and counter-terrorist financing measures. The Spanish government has made great efforts to update its laws and institutions to deal with these risks, but some improvements are needed in certain key areas.
10 Nov 2014
The FATF participated in the Manama Meeting on Combating the Financing of Terrorism, which was held in Bahrain on 9 November 2014. The closing declaration highlighted the commitment of the participating countries to combat the financing of terrorist groups and activities in all its forms. It emphasized the need for a full and effective implementation of the FATF Recommendations and an active participation in the FATF's global network.
27 Oct 2014
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
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
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
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
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.