The EAG representatives took part in the FATF Consultative Forum with the Private Sector

On 3-4 April 2012 in Paris (France) the FATF held the Consultations with the private sector (Consultative Forum), which gathered the main financial institutions (credit organizations, association of insurers and professional participants of the securities market), DNFBPs (lawyers, notaries, accountants and auditors).

In the course of the event the participants got acquainted with the new version of the FATF Recommendations, discussed the key changes, made to the former edition. In particular:

- new Recommendation (R.1) on risk-based approach (RBA);
- Special Recommendation (R.7) on countering financing of proliferation;
- transparency and beneficial ownership of legal persons and entities (R.24 и R.25);
- Recommendation (R.12) - concerning domestic and international politically expoded persons;
- Reliance on third parties, rules of internal control and foreign branches and subsidiaries (R.17 и R.18).

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[*] Number of Recommendations are given in accordance with the International Standarts on Combating Money Laundering and the Financing of Terrorism & Proliferation, The FATF Recommendations, OECD/FATF, 2012