By PAUL O’DONOGHUE, Senior Correspondent
THE Financial Action Task Force (FATF), the body which sets international AML standards, has published a concise guide to its evaluation framework.
These principles are used by financial institutions when designing AML systems. They are also used by regulators in compliance, and policymakers when setting new laws.
The guide is available to view and download [HERE].
“Explore our FATF Guide for a practical overview of the [measures] used in mutual evaluations,” the FATF said.
“[These] set the framework for global defences against money laundering, terrorist financing and the financing of weapons of mass destruction.”
The Paris-based group said its new guide provides a practical overview of:
- ‘Recommendations’: A set of 40 rules outlining technical AML standards for member countries.
- ‘Immediate Outcomes’: 11 key goals measuring the effectiveness of a country’s implementation of the 40 Recommendations.
- ‘Ratings’: the criteria and classification used by the FATF in its mutual evaluations.
“From risk-based approaches to beneficial ownership transparency, this is your go-to for key info on the global AML/CFT/CPF requirements,” the FATF said.
“[It] is a must-read for all policymakers, regulators, supervisors, and practitioners in the fight against illicit finance.”
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