How many FATF recommendations do we have as at 2012?
The FATF revised the 40 and IX Recommendations. The revision of the FATF Recommendation was adopted and publised in February 2012.
What are the FATF recommendations?
The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.
How many recommendations were made by FATF on anti money laundering?
The 40+9 Recommendations, together with their interpretative notes, provide the international standards for combating money laundering (ML) and terrorist financing (TF). The FATF revised the 40 and IX Recommendations. The revision of the FATF Recommendations was adopted and publised in February 2012.
When did FATF recommendations start?
The original FATF Forty Recommendations were drawn up in 1990 as an initiative to combat the misuse of financial systems by persons laundering drug money.
What is the FATF travel rule?
The 2019 guidance also extended FATF’s Recommendation 16 — commonly known as the “travel rule” that requires financial institutions to pass on certain customer and transaction information to the next financial institution for certain funds transfers — to VASPs.
Is FATF mandatory?
The mandate of the FATF is to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system.
What are the three objectives of FATF?
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Is FATF legally binding?
Both sets of FATF Recommendations are intended to be implemented at the national level through legislation and other legally binding measures.
How many recommendations are given by FATF?
Forty Recommendations
Non-Cooperative Countries and Territories process, and a number of national and international initiatives, led the FATF to review and revise the Forty Recommendations into a new comprehensive framework for combating money laundering and terrorist financing.
Who initiated FATF?
the G-7 Summit
In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.
What is the Travel Rule requirements?
The so-called travel rule requires “obligations to obtain, hold, and transmit required originator and beneficiary information in order to identify and report suspicious transactions, monitor the availability of information, take freezing actions, and prohibit transactions with designated persons and entities.”
Does the travel rule apply to domestic wires?
12. Is this rule limited to wire transfers? No. The term transmittal of funds includes other transactions and transfers in addition to wire transfers or electronic transfers.
What are the recommendations of the FATF 2012?
FATF Recommendations 2012: A – AML/CFT POLICIES AND COORDINATION: 1 – Assessing risks & applying a risk-based approach 2 – National cooperation and coordination. B – MONEY LAUNDERING AND CONFISCATION: 3 – Money laundering offence 4 – Confiscation and provisional measures. C – TERRORIST FINANCING AND FINANCING OF PROLIFERATION
What are the recommendations of the FATF Task Force?
The FATF Recommendations, the international anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT) standards, and the FATF Methodology to assess the effectiveness of AML/CFT systems. If playback doesn’t begin shortly, try restarting your device.
When is the deadline for comments on the FATF?
Deadline for comments, 20 August (18h00 CET). The effectiveness of measures to combat money laundering and terrorist financing depend on a country’s assessment and understanding of the risks it is exposed to, and the extent to which it has mitigated these risks.
How does the FATF set an international standard?
The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances. The FATF Recommendations set out the essential measures that countries should have in place to: identify the risks, and develop policies and domestic coordination;