FATF METHODOLOGY FOR ASSESSING COMPLIANCE WITH THE FATF RECOMMENDATIONS AND THE EFFECTIVENESS OF AML/CFT SYSTEMS

On 13th March, FATF published updated guidance, first issued in 2013, which sets out the process whereby mutual evaluations of member states’ levels of implementation of the FATF Recommendations are measured on an ongoing basis.  These are peer reviews, where members from different countries assess another country.  The assessment focuses on technical compliance and effectiveness of the controls.  The Methodology will be used by the FATF, the FATF-Style Regional Bodies (FSRB), such as Moneyval and Gafilat, and other assessment bodies such as the IMF and the World Bank.  The updated guidance was revised with effect from February to include revisions to Immediate Outcomes 3 and 4, and the addition of notes to assessors and footnotes.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/fatf-methodology.html

FAQ on the mutual evaluation process are also available at –

http://www.fatf-gafi.org/faq/mutualevaluations/#d.en.448461

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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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