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What are the criteria that must be met for a country to become a member of FATF?
To qualify for membership, a country must:
(a) Be strategically important;
(b) Be a full and active member of a relevant FATF-style Regional Body;
(c) Provide a letter from an appropriate Minister or person of equivalent political level making a political commitment to implement the FATF Recommendations within a reasonable time frame and to undergo the mutual evaluation process; and
(d) Effectively criminalise money laundering and terrorist financing; make it mandatory for financial institutions to identify their customers, to keep customer records and to report suspicious transactions; and establish an effective FIU, so that the country will be assessed fully or largely compliant with Recommendations 1, 5, 10 and 13, and Special Recommendations II and IV.
Is Gibraltar a member of FATF?
Gibraltar is not a full member of the FATF. However, Gibraltar is a member of the Offshore Group of Banking Supervisors (OGBS), who are observer members of the FATF.
Are Jersey, Guernsey and the Isle of Man FATF members?
The Channel Islands (Jersey and Guernsey) and the Isle of Man are not FATF members. They are Crown Dependencies of the United Kingdom (which is an FATF member) and members of the Offshore Group of Banking Supervisors (OGBS), a body that is an observer to the FATF. The OGBS conducts evaluations of its members’ anti-money laundering systems.
Are any of the Middle Eastern or North African countries members of FATF?
A new regional body was created for the Middle East and North Africa region (MENAFATF) in November 2004. The initial members included: Algeria, Bahrain, Egypt, Jordan, Kuwait, Morocco, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, United Arab Emirates and Yemen. See http://www.menafatf.org/ for more current information on MENAFATF activities.
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