FATF Annual Report 2012-2013

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FATF General

FATF Annual Report: 2012-2013

FATF Annual Report 2012 2013.pdf
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Under the Presidency of Bjørn Aamo of Norway, the FATF achieved a key milestone with the adoption of the revised FATF issues new Mechanism to Strengthen Money Laundering and Terrorist Financing Compliance.   Future assessments will not only focus on technical compliance with the FATF Standards, they will also look at how effective a country’s AML/CFT measures are in practice.  

Other outcomes during this Plenary year were the adoption of Best Practices papers on, Best Practices on Confiscation (Recommendations 4 and 38) and a Framework for Ongoing Work on Asset Recovery and International Best Practices: Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (Recommendation 6).

This Plenary year the FATF adopted Guidance papers on a Guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services, Revised Guidance on AML/CFT and Financial Inclusion, FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22) and the FATF Guidance: The Implementation of Financial Provisions of United Nations Security Council Resolutions to Counter the Proliferation of Weapons of Mass Destruction.

The FATF also published Typologies reports to inform about money laundering and terrorist financing trends and vulnerabilities, such as Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals and Money laundering and terrorist financing related to counterfeiting of currency.  The National money laundering and terrorist financing risk assessment, which will assist countries in the conduct of risk assessment at the country or national level.

The FATF continued its process for following up on the mutual evaluations conducted in the third round.  Follow-up report to the mutual evaluation report of Hong Kong, China exited from the follow-up process in October 2012 and Mutual Evaluation of Finland: 9th Follow-up report, Mutual Evaluation of India: 8th Follow-up report & Progress Report on Action Plan and Mutual Evaluation of Ireland: 11th Follow-up Report exited in June 2013.