The FATF develops and promotes global standards for combating money laundering and terrorist financing, which are set out in the FATF 40 Recommendations and the 9 Special Recommendations on Terrorist Financing. Having conducted its 3rd Round of Mutual Evaluations, the FATF is conducting a review of the 40+9 Recommendations to ensure that they remain up-to-date and relevant, and to benefit from lessons learnt from implementing and evaluating the current standards. The current review is a focused and balanced exercise, aiming at maintaining the necessary stability in the standards while addressing any deficiencies or loopholes in the current FATF standards.
Between June and September 2011, the FATF undertook a second public consultation on a set of policy proposals concerning issues that were considered during the second phase of the review, such as: beneficial ownership; data protection and group-wide compliance programmes; wire transfers; targeted financial sanctions; and politically exposed persons.
Seventy-three responses were received from representatives of the financial sector, non-financial businesses and professions and other respondents, including non-governmental organisations.
The FATF is considering the responses and a number of the issues raised by the respondents have already been addressed as part of the revision of the FATF Standards.
The FATF is continuing its work on the revision of the standards and will be consulting with the private sector and other stakeholders again through the FATF Consultative Forum.
A compilation of responses is available for download below:
Between October 2010 and January 2011, the FATF undertook a public consultation on the first phase of its review of the FATF standards. The responses received were published on the FATF website in February 2011 (see below), and the FATF would like to thank all those who submitted comments. The response to the consultation was very significant, both in terms of the number of submissions received and their content; and the FATF greatly values this input from the private sector and civil society. Fifty-one written submissions were received from representatives of the financial sector; eighteen from representatives of the non-financial businesses and professions; and six from other respondents, including non-governmental organisations.
The FATF has begun to consider the issues raised during the initial consultation. In particular, it continues to review certain aspects of the proposals relating to the risk-based approach, customer due diligence, wire transfers and politically exposed persons, taking into account comments received during the consultation process.
A compilation of the responses per sector is available for download:
The consultation process generated a large number of responses and a broad range of opinions. While it is impossible to respond to each and every comment, the FATF has prepared a response to the key issues raised during the consultation process.
The changes to the FATF standards were adopted at the FATF plenary meeting in February 2012.
last updated: 10 Aug. 2012