IN February 2012, FATF expanded the scope of money laundering predicate offences by including tax crimes under its revised recommendations on anti-money laundering (AML) and countering the financing of terrorism (CFT). These were unveiled in February 2012.

In a brief message listing FATF priorities for 2012-13, incoming President, Norway's Bjørn S. Aamo, said, “More efficient tax collection can be part of international efforts to strengthen public finances. I very much welcome the ideas now being developed inside the FATF to further improve the effectiveness of national anti-money laundering and countering the financing of terrorism systems.”

The message dated 2 July 2012 posted on FATF website says FATF's first priority of the coming year will be to promote and facilitate an effective implementation of the revised Recommendations.

“Countries would need to adopt legislation and regulation that are technical compliant, and introduce measures that improve the effectiveness of our national systems. The risk based approach will help us use our resources in a better way. The revised recommendations improve tools and procedures for identifying real owners behind legal entities,” he adds.

He has also underscored the need for FATF to prepare for the fourth round of mutual evaluations of member countries, by completing the revision of the Methodology .

“What is not broken, should not be fixed. I thus hope that we to a large extend may use the Methodology as prepared for the third round of evaluation, adjusted for the revised Recommendations,” he says.