FATF Annual Report 1996-1997

Publication details





FATF Annual Report 1996-1997

Italy chaired the eighth round of the Financial Action Task Force on Money Laundering (FATF).

Several important tasks were conducted in 1996-1997, in particular a broad-ranging review of money laundering trends and techniques which included the specific examination of the threat posed by the development of new technologies in payment methods. The FATF also pursued its work in a number of areas concerning the implementation and refinement of anti-money laundering measures. In addition, an intensive programme of contacts with non-member countries was conducted. Finally, the FATF began to consider the review of its future work which will be taken forward during FATF-IX.

A major task conducted during 1996-1997 was the annual survey of money laundering methods and countermeasures which covered a global overview of trends and techniques. It was observed that the most noticeable trend is the increasing use by money launderers of non-bank financial institutions, in particular bureaux de change, remittance businesses and non-financial professions. Special attention was paid to the money laundering threats of new payment technologies with the participation of private sector financial services experts. 

A significant part of the FATF’s work was dedicated to monitoring the implementation by its members of the forty Recommendations. In addition, six mutual evaluations, focusing on the effectiveness of counter-measures in place, were conducted during FATF-VIII -- Australia, the United Kingdom, Denmark, the United States, Austria and Belgium.

FATF Annual Report 1996-1997