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FATF - Money Laundering new - Money Laundering About the...

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Money Laundering About the FATF What role does FATF play? In   response   to   mounting   concern   over   money  laundering,   the   Financial   Action   Task   Force   on  money laundering (FATF) was established by the G- 7 Summit in Paris in 1989 to develop a co-ordinated  international response. One of the first tasks of the FATF was to develop  Recommendations,   40   in   all,   which   set   out   the  measures   national   governments   should   take   to  implement   effective   anti-money   laundering  programs. The Financial Action Task Force (FATF) is an inter- governmental   body   whose   purpose   is   the  development   and   promotion   of   policies,   both   at  national and international levels, to combat money  laundering and terrorist financing.  The Task Force is  therefore   a   "policy-making   body"   which   works   to 
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generate the necessary political will to bring about  national legislative and regulatory reforms in these  areas. The   FATF   is   a  multi-disciplinary   body   that   brings  together the policy-making power of legal, financial  and law enforcement experts from its members. The  FATF monitors members' progress in implementing  anti-money   laundering   measures;   reviews   and  reports   on   laundering   trends,   techniques   and  counter-measures; and promotes the adoption and  implementation   of   FATF   anti-money   laundering  standards globally During   1991   and   1992,   the   FATF   expanded   its  membership from the original 16 to 28 members. In  2000 the FATF expanded to 31 members, in 2003 to  33 members, and in 2007 it expanded to its current  34 members
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The membership of the FATF includes the following countries, jurisdictions, and regional organisations: Australia Austria Belgium Canada Denmark Finland France Germany Greece Hong Kong Iceland Ireland Italy Japan Luxembourg Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland Turkey United Kingdom United States European Commission Gulf Cooperation Council
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What are the 40 Recommendations? Drafted by the FATF in 1990 and revised in 1996, the 40 Recommendations are a comprehensive blueprint for action against money laundering. They cover 1- the criminal justice system and law enforcement. 2- the financial system and its regulation. 3- and international co-operation. Each FATF member has made a firm political commitment to combat money laundering based on them. The 40 Recommendations have come to be recognised as the international standard for anti-money laundering programmes. A number of non-FATF Member countries have used them in developing their efforts to address the issue
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We can divided said recommendations into 4 groups A.  Legal Systems 1:3 Scope of the criminal offence of money laundering Provisional measures and confiscation   B . Measures to be taken by Financial Institutions and Non-
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