By Paul O’Donoghue, Senior Correspondent Kuwait has major deficiencies in how it polices terrorist financing activity, the FATF has warned. The Paris-based organization also said that authorities struggle to successfully investigate and prosecute suspected terrorist financing cases, with serious holes in its policy. In its latest mutual evaluation report of Kuwait, the Financial Action Task…
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MONEYVAL chairperson and FATF president exchange views with Council of Europe Committee of Ministers
MONEYVAL
On 6 November, Nicola Muccioli, Chairperson of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), and Elisa de Anda Madrazo, President of the Financial Action Task Force (FATF), held an exchange of views with the Council of Europe’s Committee of Ministers. Chairperson Muccioli presented MONEYVAL’s work and achievements during 2023, as reflected in its annual report and the features of the recently launched 6th evaluation round. He highlighted MONEYVAL’s close cooperation with the FATF and its contribution to revising the global standards to counter money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.
Money Laundering National Risk Assessment Guidance
FATF
Understanding risk is a fundamental building block to the risk-based approach. Developing a granular, accurate and up-to-date risk understanding is an ongoing, dynamic process for a country. It is a process that necessitates responding to changing environmental factors, constantly assessing new information and scanning the horizon for risks that may be emerging or materialising. Given the complexity of understanding risk, it is important that a country takes a structured and coherent approach to developing an up-to-date risk understanding.
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