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The 40 FATF Recommendations stand as the international standards that underpin countries’ legal systems for combating money laundering and terrorist financing. As an intergovernmental organization, one of the FATF’s core objectives and competencies is the creation and development of these standards.
Continue reading “Recommendation 13: Correspondent banking”
Nowadays, there are various entities and organizations involved in the prevention of money laundering and the financing of terrorism. Among them are the FATF-style regional bodies (FSRBs). To date, nine FSRBs have been established, such as the CFATF, all of which are integrated into the FATF’s global network. Another such entity is the APG — Asia/Pacific Group on Money Laundering —, which coordinates and strengthens anti-money laundering and counter-terrorism financing strategies in the Asia-Pacific region.
Continue reading “APG and the prevention of money laundering”
The Financial Action Task Force — FATF — is an intergovernmental organization whose mission is to set standards and guidelines for preventing money laundering and terrorist financing. As part of its work, the FATF has developed a set of 40 Recommendations that form the backbone of systems for controlling and supervising efforts to prevent money laundering and terrorist financing.
Continue reading “FATF Recommendation 12: Politically Exposed Persons”