AUSTRIA: FATF AML/CFT MUTUAL EVALUATION FOLLOW-UP REPORT

On 22nd November, FATF published the 2nd follow-up report on Austria since its 2016 evaluation.  Austria has been in an enhanced follow-up process, following the adoption of the FATF mutual evaluation.  This new report analyses Austria’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report since the 1st progress report to the FATF in December 2017.  To reflect this progress, the FATF has re-rated Austria on the following Recommendations –

24 – Transparency and beneficial ownership of legal persons – from partially compliant to largely compliant

25 – Transparency and beneficial ownership of legal arrangements – from partially compliant to largely compliant

The report also looks at whether Austria’s measures meet the requirements of FATF Recommendations that have changed since their December 2017 progress report.  FATF agreed to maintain the ratings of partially compliant for Recommendation 7 (Targeted financial sanctions related to proliferation) and compliant for Recommendation 18 (Internal controls and foreign branches and subsidiaries) and Recommendation 21 (Tipping-off and confidentiality).

austria

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

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/FUR-Austria-2018.pdf

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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