Mutual Evaluation of Austria: 3rd Follow-up Report

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Mutual Evaluation of Austria: 3rd Follow-up Report

FUR Austria.pdf
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Mutual Evaluation of Austria: 3rd Follow-up Report

In February 2014, the FATF recognised that Austria had made significant progress in addressing the deficiencies identified in the Mutual Evaluation of Austria and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009. 

Austria was placed in the regular follow-up process as a result of partially compliant (PC) ratings for certain core and key Recommendations in its mutual evaluation report of June 2009.

The February 2014 follow-up report contains a detailed description and analysis of the actions taken by Austria in respect of the core and key Recommendations rated PC in the 2009 mutual evaluation report.

Key measures that have been taken are:

  • Developing a comprehensive AML/CFT legislation with the amendment of relevant laws and the enactment of a new piece of legislation: the Sanctions Act.
  • Undertaking reforms of the financial intelligence unit operational procedures and supervisory framework to improve effectiveness.
  • Developing and publishing secondary legislation (regulations) and thematic and sectorial guidelines and explanatory notes.
  • Organising a series of outreach events to increase the level of awareness in the AML/CFT field.