In 2005, the United Nations Security Council adopted Resolution 1617 urging all U.N. THE FATF RECOMMENDATIONS INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION 2012 OECD/FATF 7 INTRODUCTION The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. FATF Standards. The core documents of the FATF (referred to as the "FATF standards") include: 40 recommendations, including interpretative notes, of 2012; Methodology for assessing compliance of 2013; and; Various best practice guidelines. International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation : The FATF Recommendations (February 2012) Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems (February 2013) FATF 40 Recommendations (October 2003, as . Click here to go to the 2012 FATF Recommendations. FATF Recommendations: Each meeting discusses the most relevant recommendations with reference to current trends and the organisation's desired outcomes. The document presents the February 2012 FATF Recommendations, as well as the interpretive notes and legal basis of requirements on financial institutions. According to FATA website, " the revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the . The FATF's 40 Recommendations, revised in 2012, have been accepted internationally as the global policy benchmark for anti-money laundering, anti-terrorist financing, and anti-proliferation of weapons of mass destruction financing measures by the United Nations, the International Monetary Fund, the World Bank, the Asian Development Bank and . Below is a list of the FATF's 40 Recommendations, with broad categories: FATF Recommendations. Established in 1989, the FATF works to align international AML/CFT standards across its 36 current member states by issuing regular guidance to financial authorities. Many FATF member countries—and the EU (which is also a FATF member)—are in the process of incorporating the FATF recommenda- Compliance with FATF Recommendations The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Canada was undertaken in 2021. FATF Recommendations 2012 - amended October 2021; Methodology 2013 - amended November 2020 In 1990, the FATF issued a report containing a set of 40 recommendations,3 which provided a comprehensive plan of action to fight against money laundering. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. It is intended to develop a common understanding of the FATF Standards that are relevant when promoting financial inclusion and explicit the flexibility that the Standards offer, in particular the risk-based approach (RBA), enabling jurisdictions to craft effective and appropriate . List of articles in category FATF 40 Recommendations. The New FATF 40 Recommendations: A Framework for the Future 22 February 2012. CFATF Procedures for the Fourth Round of AML CFT Mutual Evaluations (27 May 2021) 4th Round of Mutual Evaluations Calendar August 2019 This is an assessment of the compliance of the legal & institutional frameworks and power & procedures of competent authorities of a country's AML/CFT systems with the requirements of the 2012 FATF Recommendations. During 1991 and 1992, the FATF expanded its membership from the original 16 to 28 members. New FATF 40 Recommendations- International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation, February 2012. THE FATF RECOMMENDATIONS INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION 4 2012 OECD/FATF THE FATF RECOMMENDATIONS Number Old Number 1 A - AML/CFT POLICIES AND COORDINATION 1 - Assessing risks & applying a risk-based approach * 2 R.31 National cooperation and coordination B - MONEY . In October 2004 the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations. 2 A. The Financial Action Task Force: An Overview Congressional Research Service 2 2005. Click here to go to the 2012 FATF . The FATF standards require countries, territories and regions to: In October 2004 the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations. What are the three objectives of FATF? Recommendation 3: Money laundering offence. These are intended to provide a frame-work enabling countries to combat money laundering and terrorist financing in a consistent way. The FATF revised the 40 and IX Recommendations. 1-2) - Money laundering and confiscation (Rec 3-4) - Terrorist financing and financing of proliferation. FATF Recommendations 2012. The term 'Controlling Persons' shall be interpreted in ease manner start with the Financial Action by Force Recommendations FATF. FATF Recommendations 2012 - Updated June 2021 FATF Methodology - 22 Feb 2013 Updated November 2020. The Financial Action Task Force (FATF), formed in 1989 by the G-7 Economic Summit, is dedicated to promoting the development of effective anti-money laundering and counter-terrorism finance laws and programs and enhancing cooperation among its membership and around the world. G. International Cooperation (Recommendations 36-40) Interpretive Notes to the FATF Recommendations. 40 . The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. The FATF Recommendations, the international anti-money laundering and combatting the financing of terrorism and proliferation (AML/CFT) standards, and the FATF Methodology to assess the effectiveness of AML/CFT systems. - endorse and support the FATF 40 recommendations and the FATF AML/ CFT methodology - agree to implement all FATF recommendations in reasonable time frame 4 FATF Step 2 . The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Afghanistan was undertaken by the Financial Action Task Force (FATF) in 2011. Amongst these conditions was the finalization of the assessment methodology by the FATF. R.40 Other forms of international cooperation * 1. According to that Evaluation, Afghanistan was deemed Compliant for 1 and Largely Compliant for 1 of the FATF 40 + 9 Recommendations. The 2012 FATF Recommendations include tax crimes as a predicate offence for money laundering. FATF Recommendations: What You Need To Know The Financial Action Task Force (FATF) an international, intergovernmental body dedicated to combating money laundering and the financing of terrorism. The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. FATF Recommendations 2012 - Updated June 2021 FATF Methodology - 22 Feb 2013 Updated November 2020. The FATF Recommendations, published in 2012, consists of 40 recommendations. Hits: 29541. The year 2012-2013 was another busy, eventful and fulfilling year for the ESAAMLG and the global AML/CFT Community. (English) 40 Recommendation. The Financial Action Task Force ("FATF") has revised its International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation ("the Recommendations"). FATF Recommendations 2012. They have been recognised, endorsed, or adopted by many international bodies. Version as adopted on 15 February 2012. Digest of the FATF 40 Recommendations 2012 version, as these relate to the work of accountants in practice. In 2012 the Financial Action task Force FATF released a revised 40 Recommendations that make the meanwhile time called for tax crimes. These risks are a clear detriment to both companies and organizations in the financial sector and its users , as well as to society as a whole. FATF Recommendations 2012 - Updated June 2021 FATF Methodology - 22 Feb 2013 Updated November 2020 CFATF Procedures for the Fourth Round of AML CFT Mutual Evaluations (27 May 2021) The objectives of FATF are to set standards and promote effective . 1 The FATF is an inter-governmental body which sets standards, and develops and promotes policies to combat money laundering and terrorist financing. This revision is intended to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime. - targeted financial sections related to proliferation of WMDs . In February 2012, the FATF completed a thorough review of its standards and published the revised FATF Recommendations. On October 31, The 40 FATF recommendations on money laundering and the nine FATF Special Recommendations on Terrorist Financing provide for a comprehensive global enforcement regime. Hits: 8551. One of the 40 original recommendations relates to the know your customer (KYC) framework in order to build risk profiles and flag suspicious activity. In 1990, the FATF issued a report containing a set of 40 recommendations,3 which provided a comprehensive plan of action to fight against money laundering. The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. Recommendation 1: Assessing risks and applying a risk-based approach *. 5-8) - Financial and non-financial institution. In 2012, the anti-money laundering and countering the financing of terrorism (AML/CFT) standards were consolidated in the current version of the 40 FATF Recommendations. A - AML/CFT POLICIES AND COORDINATION. Following the terrorist attacks of September 11, 2001, the FATF redirected its efforts to focus on money laundering and terrorist financing. Recommendations, focused on terrorism financing, were adopted in October 2001, a month after the 9/11 attacks. THE FATF RECOMMENDATIONS INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION 6 2012- 2019 INTRODUCTION The Financial Action Task Force (FATF) is an inter -governmental body established in 1989 by the Ministers of its Member jurisdictions. The revision of the FATF Recommendation was adopted and publised in February 2012. FATF Recommendations 2012 - amended October 2021. The new standards have come with new aspects such as the obligation to assess money The 'old number' column refers to the corresponding 2003 FATF Recommendation. December 2012 . THE FATF RECOMMENDATIONS INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION 2012-2021 3 CONTENTS List of the FATF Recommendations 4 Introduction 6 FATF Recommendations 9 Interpretive Notes 29 Note on the legal basis of requirements on financial institutions and DNFBPs 108 Glossary 110 The 2012 revised FATF 40 Recommendations constitute the international standards for anti-money laundering and combating the financing of terrorism.. In February 2012, the FATF completed a thorough review of its standards and published the revised FATF Recommendations. Title. Recommendation 2: National cooperation and coordination. FATF Recommendations are effectively implemented by all countries. Interpretive Note to Recommendation 1 (Assessing ML/TF risk and applying a risk-based approach) Interpretive Note to Recommendation 2; Interpretive Note to recommendation 3 (Money Laundering offence) In February 2012, the FATF unveiled a new generation of international AML/CFT standards: the FATF 40 Recommendations. New FATF 40 Recommendations- International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation, February 2012. The core documents of the FATF (referred to as the "FATF standards") include: 40 recommendations, including interpretative notes, of 2012; Methodology for assessing compliance of 2013; and; Various best practice guidelines. The FATF Standards were comprehensively updated in 2012. FATF's outsized role contrasts with its short Like international conventions, they are intended to be implemented at the national level through legislation and other legally binding measures while allowing states a degree of . Following the terrorist attacks of September 11, 2001, the FATF redirected its efforts to focus on money laundering and terrorist financing. Download pdf ( 1,979kb) As amended October 2021. B - MONEY LAUNDERING AND CONFISCATION. 4.1 The FATF 40 Recommendations and 9 Special Recommendations (FATF 40+9) In 1990, the FATF issued the 40 Recommendations on Money Laundering, which was followed in the wake of September 11 with the 9 Special Recommendations on Terrorism Funding (issued in 2001). It is both policymaking and an authorization body. The revision of the FATF Recommendations was adopted and publised in February 2012. Hits. Below are publications issued by the FATF. While the FATF published the revised FATF Recommendations: "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" on 16 February 2012, the FATF has reviewed the identified jurisdictions based on the FATF 40+9 Recommendations of 2003. The FATF Recommendations February 2012. - accessing risk and applying a risk based approach 2. the fatf recommendations international standards on combating money laundering and the financing of terrorism & proliferation 10 ¤ 2012-2020 the fatf recommendations a. aml/cft policies and coordination 1. assessing risks and applying a risk-based approach * The February 2013 FATF Revised Guidance provides support relevant to the new set of FATF Recommendations in 2012. The FATF revised the 40 and IX Recommendations. The FATF Recommendations are According to that Evaluation, Lithuania was deemed Compliant for 8 and Largely Compliant for 24 of the FATF 40 Recommendations. Member States to implement the FATF 40 recommendations on money laundering and the nine special recommendations on terrorist financing. The first co-operative and global policy response to the threats posed by money laundering was by the G7 group of countries who established the FATF in 1989. The 40+9 Recommendations, together with their interpretative notes, provide the international standards for combating money laundering (ML) and terrorist financing (TF). (Rec. CFATF Procedures for the Fourth Round of AML CFT Mutual Evaluations (27 May 2021) 4th Round of Mutual Evaluations Calendar August 2019 In February 2012, the FATF issued the updated 40 Recommendations, which represent a compilation of the old 40+9 Recommendations and a set of new provisions relating to, inter alia, combating the financing of proliferation of weapons of mass destruction and the use of the risk-based approach at a national level. Practically all nations across the world support its 40 Recommendations ('the . The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and In 2012, the FATF completed a thorough review of its standards and published the revised FATF Recommendations. CFATF Procedures for the Fourth Round of AML CFT Mutual Evaluations (27 May 2021) 4th Round of Mutual Evaluations Calendar August 2019 1 - Assessing risks & applying a risk-based approach. It was formed in 1989 to set out measures to be taken in the fight . Compliance with FATF Recommendations The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Lithuania was undertaken in 2020. Whereas the 2003 Recommendations provided for the application of a RBA in some areas, the 2012 Recommendations consider the RBA to be an 'essential foundation' of a country's AML/CFT framework. 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