ACCA AAA INT Syllabus A. Regulatory Environment - International Efforts on Money Laundering - Notes 3 / 11
The Financial Action Task Force on Money Laundering (FATF) is an international body which sets standards, and develops policies to combat money laundering and terrorist financing
It currently has 35 member countries/territories and observers such as the World Bank and International Monetary Fund.
Their recommendations are endorsed by more than 180 countries and are the international anti-money laundering standard against which national anti-money laundering systems are assessed
The recommendations cover
Policies and coordination
Money laundering and confiscation
Terrorist financing and financing of proliferation
More specifically these deal with:
The scope of the criminal offence of money laundering
Measures to prevent money laundering including:
– customer due diligence (CDD) and record-keeping; and
– reporting of suspicious transactions and compliance to an external financial intelligence unit (FIU);Measures needed in systems for combating money laundering, including transparency of legal persons and arrangements
International co-operation including mutual legal assistance and extradition