FATF steps up the fight against money laundering and terrorist financing

The Financial Action Task Force (FATF), the global standard-setter in the fight against money laundering and terrorist financing, has revised its Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes. The revisions, made with inputs from governments, the private sector and civil society, provide authorities with a stronger framework to act against criminals and address new threats to the international financial system.

The revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based approach.

For more information, refer to the FATF webpage on “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation” and read the press release and the latest 127-page publication on The FATF Recommendations (February 2012).