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Posted in FATF Financial Crime Money Laundering

FATF at 30

In response to mounting concern over money laundering, FATF was established by the G-7 at a summit held in Paris in 1989. The original members came not just from the G-7, but also from the European Commission and 8 other Countries. In April 1990, less than 1 year after its creation, FATF issued 40 Recommendations, which were intended to provide a comprehensive action plan to combat money laundering. 

These have been revised and updated and are now supported by 11 immediate objectives to measure “Effectiveness.”  According to FATF, “The extent to which a country implements the technical requirements ….of each of the [40] recommendations is important….but this is not sufficient” as “each country must enforce those measures and ensure that the operational law-enforcement and legal components of an AML/CFT System works together effectively …to deliver results.”

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