REPORT ON THE STATE OF EFFECTIVENESS AND COMPLIANCE WITH THE FATF STANDARDS

On 19 April, FATF published this report which is said to provide a comprehensive overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing.  It is based on data from FATF and FATF-style regional bodies (FSRB) mutual evaluation reports since 2013, which assessed the strengths and weaknesses of national frameworks to tackle these crimes.  It highlights that many countries still face substantial challenges in taking effective action in line with the risks they face. This includes difficulties in investigating and prosecuting high-profile cross-border cases and preventing anonymous shell companies and trusts being used for illicit purposes.  It also says that the next cycle of FATF assessments are intended to be more timely, risk-based and effective.  Also available, though not yet in effect, are guides to  ‘FATF Methodology’ and ‘FATF Procedures’ which will come into effect when the FATF commences the 5th Round of mutual evaluations (and may be subject to change before the start of that next round).

https://www.fatf-gafi.org/publications/fatfgeneral/documents/effectiveness-compliance-standards.html

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

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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