THE
Financial Action Task Force, has revised the Recommendations used by more than
180 governments to combat these crimes, after more than two years. The revisions
have been made after consultations with governments, the private sector, and
civil society. The new changes made shall armour the authorities with a stronger
framework to act against criminals and address new threats to the international
financial system.More effective action against money laundering and terrorist
financing at all levels - from the identification of bank customers opening an
account to investigation, prosecution and forfeiture of assets shall become
possible through these recommendations. At the global level, the FATF will also
monitor and take action to promote implementation of the standards.The revised FATF
Recommendations now completely includes counter-terrorist financing measures
with anti-money laundering controls.
The
main changes are:
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Combating the financing of the proliferation of weapons of mass destruction
through the consistent implementation of targeted financial sanctions when these
are called for by the UN Security Council.
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Improved transparency to make it harder for criminals and terrorists to
conceal their identities or hide their assets behind legal persons and
arrangements.
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Stronger requirements when dealing with politically exposed persons (PEPs) .
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Expanding the scope of money laundering predicate offences by including tax
crimes.
++ An
enhanced risk-based approach which enables countries and the private sector to
apply their resources more efficiently by focusing on higher risk areas.
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More effective international cooperation including exchange of information
between relevant authorities, conduct of joint investigations, and tracing,
freezing and confiscation of illegal assets.
++
Better operational tools and a wider range of techniques and powers, both for
the financial intelligence units, and for law enforcement to investigate and
prosecute money laundering and terrorist financing.
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