G20: support for new FATF Recommendations

Publication details

Language

English

Country
Topic

FATF General

FATF Report to G20 Los Cabos Summit, June 2012

Filename
Report to G20 Leaders June 2012 .pdf
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751 KB
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application/pdf
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The FATF submitted a report to the G20 Leaders at the Los Cabos Summit in June on the adoption of the new FATF Recommendations which were issued in February 2012, and on the renewal of the FATF mandate. This report had been specifically requested by the G20 Leaders at their Cannes Summit in November of last year.

The revised FATF Recommendations address the following key issues which were highlighted in the G20 Cannes Summit Final Declaration as being of particular importance to the G20 Leaders: 

  • Additional emphasis on customer due diligence, beneficial ownership and enhanced due diligence
  • Greater transparency of cross-border wire transfers
  • New requirements for domestic politically exposed persons
  • Stronger measures to facilitate international cooperation, including between tax and law enforcement agencies

The support of the G20 (full G20 statement) for the renewal of the FATF mandate and the adoption of the revised FATF Recommendations is an endorsement by the G20 Leaders of the FATF’s on-going importance in the fight against money laundering and the financing of terrorism & proliferation.

The FATF also reported to the G20 Leaders on its work to identify and engage jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies. This process has been a successful instrument in protecting the international financial system from the risks emanating from these jurisdictions. Since February 2010, and until June 2012, the FATF has publicly identified and engaged with 49 high-risk jurisdictions.  Seven of these jurisdictions have since made sufficient progress and are no longer subject to monitoring.

The FATF continues to emphasise anti-corruption work on the FATF agenda. The FATF has published two studies of methods and trends of corruption-related transactions, and will develop further guidance for the implementation and use of measures which will assist jurisdictions in identifying, investigating and prosecuting corruption and money laundering offences.

The FATF is now revising the assessment methodology to be used for the next round of country evaluations which will begin in the second half of 2013 and which will concentrate on how effectively the standards are being implemented.