Documents

26 Jun 2015

Best Practices on Combating the Abuse of Non-Profit Organisations (Recommendation 8)

The NPO community provides vitally important services around the world. However, this sector is also abused by terrorists and terrorist organisations, from the creation of fake charities to funnel money to terrorists, to the abuse of legitimate NPOs without the knowledge of its donors, management, or staff. With input from governments and the private sector, including NPOs, the FATF has revised its best practices, aimed at preventing misuse of NPOs for the financing of terrorism while, at the same time, respecting legitimate actions of NPOs.

26 Jun 2015

Drivers for "de-risking" go beyond anti-money laundering / terrorist financing

The FATF issued a statement and set out a future work plan on "de-risking" (when financial institutions terminate or restrict business relationships with categories of customer).

26 Jun 2015

FATF Public Statement - 26 June 2015

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 and Myanmar.

26 Jun 2015

Guidance for a Risk-Based Approach to Virtual Currencies

This Guidance is intended to explain the application of the risk-based approach to AML/CFT measures in the VC context; identify the entities involved in VCPPS; and clarify the application of the relevant FATF Recommendations to convertible virtual currency exchangers. This Guidance is also intended to help national authorities understand and potentially develop regulatory responses including the need to amend their national laws in order to address the ML/TF risk of VCPPS. This Guidance is also intended to help the private sector better understand the relevant AML/CFT obligations and how they can effectively comply with relevant requirements.

26 Jun 2015

Outcomes of the Plenary meeting of the FATF, Brisbane, 24-26 June 2015

During the last Plenary under the Australian Presidency, the FATF adopted a number of reports, such as revised best practices on combating the abuse of non-profit organisation and guidance for a risk-based approach to virtual currencies. The FATF issued a statement on 'de-risking' as well as updated statements concerning high-risk and non-cooperative jurisdictions. The FATF welcomed the Kingdom of Saudi Arabia as an as an observer to the FATF.

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