The FATF attaches a great importance to the fight against corruption: corruption has the potential to bring catastropic harm to economic development, the fight against organized crime, and respect for the law and effective governance.
The G20 called upon the FATF to address the problem of corruption in the framework of its work on combating money laundering and terrorist financing. Corruption and money laundering are instrinsically linked. Corruption offences, such as bribery or theft of public funds, are generally committed for the purpose of obtaining private gain. Money laundering is the process of concealing illicit gains that were generated from criminal activity.
The FATF Recommendations were designed to combat money laundering and terrorist financing, but when effectively implemented they can also help combat corruption, by:
|18 Oct 2013||
The FATF Recommendations target money laundering and terrorist financing, and are also powerful tools to combat corruption. When effectively implemented, the FATF Recommendations facilitate the detection, tracing and confiscation of corruption proceeds. Although mutually reinforcing, AML/CFT and anti-corruption efforts are not always brought together effectively. The G20 Leaders’ Declaration from the St. Petersburg Summit highlights that leveraging AML/CFT measures to fight corruption will remain a significant area of growing cooperation between the G20 anti-corruption experts and the FATF. This paper is an important step, giving guidance and best practices to policy makers and practitioners on how to use AML/CFT measures to combat corruption.
|14 Oct 2013||
The FATF and the G20 Anti-Corruption Working Group jointly convened an Experts Meeting on Corruption on Saturday, 12 October 2013. The meeting, chaired by FATF President Vladimir Nechaev, brought together anti-money laundering and counter-terrorist financing experts and anti-corruption experts from 27 jurisdictions and 15 organisations for the purpose of discussing issues of mutual interest.
|23 Jul 2013||
G20 Finance Ministers and Central Bank Governors met in Moscow on 19-20 July 2013. In their final communiqué, they reiterated their commitment to FATF’s work, in particular the identification of high-risk jurisdictions with strategic anti-money laundering / countering the financing of terrorism deficiencies.
|18 Oct 2012||
This information note sets out why compliance with the FATF Recommendations creates an environment in which it is more difficult for corruption to thrive undetected and unpunished.
|15 Oct 2012||
This FATF Experts’ meeting, which was convened in collaboration with the G20 Anti-Corruption Working Group, brought together anti-money laundering & counter-terrorist financing experts and anti-corruption experts from 28 jurisdictions and 14 organisations for the purpose of exchanging views, and discussing issues of mutual interest. This meeting was focused on the experience of countries, particularly in relation to asset recovery issues, and taking into account the domestic dimension.
|2 Jul 2012||
Specific Risk Factors in the Laundering of Proceeds of Corruption - Assistance to reporting institutions
The FATF Recommendations, adopted in February 2012, require that additional measures for specific customers and activities are in place. Specifically, appropriate risk management systems need to be in place to determine whether a customer or beneficial owner is a politically exposed person. This report should assist practitioners in the financial sector to better understand and identify the risk factors that may indicate the laundering of corruption proceeds.
|29 Jul 2011||
In the larger framework of its work on corruption, the FATF has prepared a study on the links between corruption and money laundering. This report identifies key vulnerabilities within the current AML/CFT framework and discusses some of the obstacles to the recovery of corruption.
|27 Feb 2011||
This FATF experts meeting was the first international platform for exchanging views between anti-money laundering and anti-corruption experts, policy makers and international standard setters and assessment/monitoring bodies.