The Financial Action Task Force — FATF — is the international body responsible for setting standards to prevent money laundering and terrorist financing. As part of its work, the FATF has developed a set of 40 Recommendations, which form the foundation of control and supervision systems in this field.

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One of the main purposes of the Financial Action Task Force — FATF — is to define guidelines and promote the effective implementation of legal and operational measures to combat money laundering and terrorist financing. To this end, the FATF establishes the 40 Recommendations, and this article will specifically examine the tenth recommendation, which focuses on customer due diligence.

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Over the years, the International Community has developed International Humanitarian Law norms that regulate the limits of armed conflicts and their conduct. This article will analyze the Convention on the Prohibition of Anti-Personnel Mines, the Convention on Cluster Munitions, and the role of the financial sector.

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The Financial Action Task Force — FATF — is the global reference supervisor in the prevention of money laundering and terrorist financing. One of FATF’s primary tasks is to establish common reference standards and guidelines for the prevention of money laundering. To achieve this goal effectively, FATF issues its standards under the name of Recommendations, having established a total of 40 Recommendations.

Continue reading “FATF Recommendation 9”

In December 2020, the United States Congress passed the United States-Northern Triangle Enhanced Engagement Act — commonly known as the Engel List. This legislative provision aims to support the Northern Triangle countries — Guatemala, El Salvador, and Honduras — on issues such as economic development, combating corruption, drug trafficking, and similar matters.

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Currently, a variety of entities and organizations are engaged in different ways in preventing money laundering and the financing of terrorism. One notable category among these entities is the FATF-style regional bodies — FSRBs. Currently, there are nine FSRBs globally, such as MONEYVAL, all of which are part of the global network of supervisors under the FATF. One such FSRB, responsible for part of the Americas, is the Financial Action Task Force of Latin America.

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Among the objectives of the Financial Action Task Force — FATF — is the establishment of common standards and benchmarks for the correct implementation of legal and operational measures aimed at preventing money laundering and the financing of terrorism. To achieve this goal, FATF issued its 40 Recommendations, and in this article, we will address the eighth recommendation of FATF.

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Like other European states, such as Portugal, France, and the Netherlands, Sweden also defines the concept of politically exposed person within its regulatory framework for prevention. Like its European counterparts, this framework is influenced by the recommendations of the FATF and European directives that have shaped Swedish legislative development.

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Germany, much like its continental counterparts such as Italy, Portugal, or Sweden, has also incorporated the concept of a politically exposed person (PEP) into its legal framework. This regulation stems from initiatives driven by the FATF and the legislative developments facilitated by European Directives.

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The European Union introduced a legislative package in 2021 aimed at strengthening the regulatory and institutional framework for combating money laundering and the financing of terrorism. This legislative push includes a new Anti-Money Laundering Directive and the new European Regulation on Money Laundering and Terrorist Financing Prevention. Alongside these rules, a European Regulation has been enacted to establish the Anti-Money Laundering and Counter-Terrorism Financing Authority —  AMLA, by its English acronym.

Continue reading “AMLA, Authority for Anti-Money Laundering and Countering the Financing of Terrorism”