FATF: AUSTRALIA MUTUAL EVALUATION FOLLOW-UP REPORT

On 8th November, FATF published a follow-up report on Australia’s progress in strengthening its framework to tackle money laundering and terrorist financing since its 2015 mutual evaluation.  Australia has been in an enhanced follow-up process.  This report analyses Australia’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.  To reflect this progress, the FATF has re-rated Australia on Recommendations –

5 –           Terrorist financing offence: from largely compliant to compliant;
8 –           Non-profit organisations: from non-compliant to largely compliant;

15 –        New Technologies from: largely compliant to compliant;
19 –         Higher-risk countries: from partially compliant to largely compliant;
30 –        Responsibilities of law enforcement and investigative authorities: from largely                   compliant to compliant;
32 –        Cash couriers: from largely compliant to compliant; and
36 –        International instruments: from largely compliant to compliant.

FATF agreed to maintain the partially compliant rating for Recommendation 18 and the compliant rating for Recommendations 7 and 21.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-australia-2018.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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