Chapter 2 Flashcards
1
Q
Financial Action Task Force (FATF)
What is the FATF ?
A
- Vanguard of AML guidance to governmental bodies worldwide
- Assessor of countries’ compliance to FATF recommendations
- Does not have power to implement fines. But uses peer pressure, name and shame via greylisting
- Standard Setting
- Identifying money laundering and terrorist financing threats
2
Q
Financial Action Task Force (FATF)
FATF Evaluation critertia
(11 Criteria)
A
- If Money Laundering Risks are understood and actions to mitigate them are taken
- If International Cooperation provides information to use against criminals
- Supervisory authorities regulating financial institutions and non-bank financial institutions
- If Financial Institutions and NBfinancial institutions apply preventative measures and report suspicious transactions
- If Legal Persons are not misused for ML, and checks if UBO information is available to authorities
- If Financial Intelligence Information is used by authorities in money laundering investigations
- If ML offences are investigated and criminally prosecuted
- If the proceeds of crime are confiscated
- If Terrorist Financing is Investigated and criminally prosecuted
- If Terrorist Organisations are prevented from raising, moving, and using money
- If Organisations involved in weapons of mass destruction are prevented from raising, moving or using money.
3
Q
A