Financial Action Task Force on Money Laundering

FATF ( Financial Action Task Force on English Money Laundering, French Groupe d' Action Financière ( FATF )) is the name given to the Working Group measures to combat money laundering. The FATF defines itself as a leading international body for combating money laundering and has its seat at the OECD in Paris.

History

The leaders of the G7 countries and the President of the European Commission, the FATF used at their summit meeting in June 1989 in Paris within the Organization for Economic Cooperation and Development ( OECD) as a group of experts with the task of analyzing the methods of money laundering and to allow detection of assets from illicit origin. The time-limited mandate of the FATF was extended again on 14 May 2004 to the end of December 2012.

The FATF 40 Recommendations ( and after 11 September 2001 or 9 Special Recommendations ) adopted, which are the basis for national laws in most member countries.

In addition to the individual States supplied evaluations of national policies and their implementation.

Since June 2000, the Task Force also published a list of NCCT countries (non- cooperative countries and territories ) and regions that show up due to lack of legislation or lack of implementation, in the fight against money laundering uncooperative.

In 2000, the Philippines were on the list and was described as " uncooperative state." To avoid formal sanctions and to the deletion of the " Black List " of the FATF, the Central Bank Bangko Sentral ng Pilipinas sought a legislative procedure which for criminalization of money laundering and to establish an anti -money laundering authority, which was required by the FATF, initiate. This legislative process in Congress, however, proved to be difficult, as some members of the Central Bank of abuse of office for spying on private bank accounts accused. It was probably also fears that this money laundering of illegally acquired assets would be revealed by banks. This debate went on for almost a year. Finally, in September 2001 on the adoption of the Anti- Money Laundering Act, which provided, among other things, the establishment of an Anti- Money Laundering Council (Anti - Money Laundering Council) under the supervision of the Central Bank and the Securities and Exchange Commission for the control of securities trading (SEC). In the two following years, these laws have been expanded to the Philippines in early 2005 were finally removed from the " black list " of the FATF.

Also, Nigeria was in 2000 still on the " Black List ". This led in 2002 to the establishment of the Economic and Financial Crimes Commission (Commission for Economic and Financial Crime ) and the land was canceled on 23 June 2006 from the list.

( FSRB FATF - Style Regional Bodies ) In order to provide the standards of the FATF also in non-OECD countries validity, the FATF collaborates with various, initiated by their regional groups closely that on their activities report against the FATF.

Objectives

The main objective of the FATF is to develop and promote policies to combat money laundering and terrorist financing. To this end, the FATF has adopted 40 recommendations as a minimum standard and 9 Special Recommendations on Terrorist Financing.

The FATF publishes a list of so-called NCCT countries (non- cooperative countries and territories ). These countries comply with their legislation and their money laundering measures (yet) the international, established by the FATF standard. Banks must therefore particularly monitor financial transactions with these countries. By decision of 13 October 2006, no countries are more on the NCCT list.

Members

The FATF currently consists of 34 members and two international organizations:

  • European Commission, see also Regulation ( EC) No 1781 /2006 ( Money Transfer Regulation )
  • Gulf Cooperation Council
  • Argentina Argentina
  • Australia Australia
  • Austria Austria
  • Belgium
  • Brazil Brazil
  • Canada Canada
  • Chile Chile
  • Denmark Denmark
  • Finland Finland
  • France France
  • Germany Germany
  • Greece Greece
  • Iceland Iceland
  • India India
  • Ireland Ireland
  • Italy Italy
  • Japan Japan
  • Flag of South Korea South Korea
  • Netherlands Netherlands with Aruba, Curaçao and Sint Maarten.
  • Luxembourg Luxembourg
  • Mexico Mexico
  • New Zealand New Zealand
  • Norway Norway
  • Portugal
  • Russia Russia
  • Singapore Singapore
  • South Africa South Africa
  • Spain
  • Sweden Sweden
  • Switzerland Switzerland
  • Turkey Turkey
  • United Kingdom United Kingdom
  • United States United States

FATF -Style Regional Bodies ( FSRBs )

  • APG - The Asia / Pacific Group on Money Laundering
  • CFATF - Caribbean Financial Action Task Force
  • MONEYVAL - The Council of Europe Select Committee of Experts on the Evaluation of Anti- Money landing ring Measures ( Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism in the Euro Europe)
  • GAFISUD - The Financial Action Task Force on Money Laundering in South America
  • MENAFATF - Middle East and North Africa Financial Action Task Force
  • EAG - Eurasian Group
  • ESAAMLG - Eastern and Southern Africa Anti- Money Laundering Group
  • GIABA - Inter Governmental Action Group against Money Laundering in West Africa ( GIABA )
de