Author: Juan Carlavilla

The Financial Action Task Force — FATF — has among its objectives the establishment of standards in the field of anti-money laundering and counter-terrorist financing. Likewise, it promotes the adoption of legal and operational measures aimed at this purpose. In order to develop these guidelines, the FATF established the 40 Recommendations. This post analyses Recommendation 18, which addresses internal controls, as well as foreign branches and subsidiaries.

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Within the field of anti-money laundering and counter-terrorist financing, there is a wide range of entities involved in the development of policies and standards. One model of such organisations is the FATF-style regional bodies — FSRBs, regional bodies similar to the FATF. To date, there are nine FSRBs, such as ESAAMLG, all of which form part of the FATF’s regulatory framework. Among these bodies is also the Groupe d’Action contre le Blanchiment d’argent en Afrique Centrale — GABAC. This body operates in Central African countries, supervising and coordinating strategic objectives in the area of anti-money laundering and counter-terrorist financing.

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One of the main objectives of the Financial Action Task Force —  FATF — is the establishment of guidelines on the prevention of money laundering and terrorist financing. It also promotes the effective implementation of legal and operational measures to that end. To achieve this objective, the FATF issued the 40 Recommendations. This article analyses the seventeenth recommendation, which focuses on reliance on third parties when carrying out customer due diligence measures.

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There are numerous entities and organizations involved in the prevention of money laundering and terrorist financing. One type of such entities are the FATF-style regional bodies — FSRBs, regional bodies similar to the FATF. Currently, nine FSRBs exist, such as the EAG, which are embedded within the FATF’s supervisory framework. Among these organizations is also the Eastern and Southern Africa Anti-Money Laundering Group — ESAAMLG —. This body supervises and coordinates anti-money laundering and counter-terrorist financing strategies in the Eastern and Southern Africa region.

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Among the purposes of the Financial Action Task Force — FATF — is the issuance and updating of its 40 Recommendations. These recommendations stand as international standards aimed at improving the legal and organizational systems for the prevention of money laundering and terrorist financing.

Continue reading “FATF Recommendation 16: Transparency in payments”

Croatia, like its European counterparts such as Germany, Italy, or France, also introduces the concept of a politically exposed person (PEP) into its legal framework. This regulation stems from the initiatives promoted by the FATF and the regulatory developments established by the European Directives.

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The Financial Action Task Force — FATF — holds among its core responsibilities the issuance and updating of the 40 Recommendations. These guidelines are followed by FATF member states and aim to enhance legal and organisational systems for the prevention of money laundering and terrorist financing.

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The entities and organisations that participate in the anti-money laundering and counter-terrorist financing landscape are many. One type of these organisations are the FATF-style regional bodies (FSRBs) — regional bodies of the type of the FATF —. There are nine FSRBs, such as the APG, integrated into the FATF’s oversight framework. Among these organisations is also the Eurasian Group (EAG) — which coordinates and strengthens AML/CFT strategies in the Eurasian region.

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The Financial Action Task Force — FATF — is responsible for publishing and maintaining the 40 Recommendations. These recommendations serve as international standards, permeating legal systems aimed at preventing money laundering and terrorist financing

Continue reading “FATF Recommendation 14: Money or value transfer services”

Just like other European countries such as Portugal, Spain, or France, the Principality of Andorra also includes provisions regarding politically exposed persons (PEPs) in its anti-money laundering regulations. These measures, along with Andorra’s AML framework, stem from the Monetary Agreement signed between Andorra and the European Union.

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