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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.
Continue reading “GAFILAT and money laundering prevention”
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.
Continue reading “FATF Recommendation 8th”