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

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Unformatted text preview: 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 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 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 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 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...
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This note was uploaded on 04/04/2012 for the course AASTT 24 taught by Professor Khlilaburass during the Spring '12 term at Arab Academy for Science, Technology & Maritime Transport.

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

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