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In February 2012 at the Plenary meeting in Paris the FATF adopted the final version of the revised FATF Recommendations

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  • In February 2012 at the Plenary meeting in Paris the FATF adopted the final version of the revised F
In February 2012 at the Plenary meeting in Paris the FATF adopted the final version of the revised FATF Recommendations
 

  • 05 March, 2012

    Work on updating the FATF Recommendations has been conducted for more than 2 years with the involvement of governments, private sector and public of more than 180 states.

    The main changes in international standards of countering money laundering and the financing of terrorism & proliferation touched upon such issues as:

    • Combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN Security Council.
    • Improved transparency to make it harder for criminals and terrorists to conceal their identities or hide their assets behind legal persons and arrangements.
    • Stronger requirements when dealing with politically exposed persons (PEPs).
    • Expanding the scope of money laundering predicate offences by including tax crimes. An enhanced risk-based approach which enables countries and the private sector to apply their resources more efficiently by focusing on higherrisk areas.
    • More effective international cooperation including exchange of information between relevant authorities, conduct of joint investigations, and tracing, freezing and confiscation of illegal assets.
    • Better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing.

    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 laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based approach.