The Financial Action Task Force (FATF), the global standard-setter in the fight against money laundering and terrorist financing, published its revised International Standards on Combating Money Laundering and the Financing of Terrorism on February 16, 2012. The FATF Recommendations are used by more than 180 governments around the world to guide their efforts to combat money laundering and terrorist financing. The revisions to International Standards on Combating Money Laundering and the Financing of Terrorism were made with the input from governments, the private sector and civil society to provide a stronger framework to act against criminals and address new threats to the international financial system.
The FATF Recommendations provide a benchmark to assess each country’s anti-money laundering and terrorist financing regime through a process of mutual evaluations. The FATF will begin its fourth round of evaluations of its member countries in 2013 and will focus much more intensively on assessing how effectively countries have implemented the standards that have been set.
More information on the revised Recommendations can be found on the FATF website at: http://www.fatf-gafi.org/documents/documents/internationalstandardsoncombatingmoneylaunderingandthefinancingofterrorismproliferation-thefatfrecommendations.html