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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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Politically exposed persons (PEPs) are a group of individuals subject to heightened scrutiny under anti-money laundering measures. Over time, and thanks to collaboration among various governmental bodies, including the FATF, countries have strengthened their regulatory frameworks concerning these individuals. In this article, we will analyze how Costa Rica defines and regulates politically exposed persons (PEPs).
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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”
There are currently various entities and organizations that operate and participate in different ways in the prevention of money laundering and the financing of terrorism. One such type of body is the FATF-style regional bodies — FSRBs. As of now, nine FSRBs have been established, such as GAFILAT, all of which are integrated into the FATF’s global network of supervisors. One of these entities is the Caribbean Financial Action Task Force, which covers the Caribbean Basin, Central, and South America.
Continue reading “CFATF and the prevention of money laundering”
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.
Continue reading “FATF Recommendation 11”
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.
Continue reading “FATF Recommendation 10”
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.
Continue reading “Anti-personnel mines and cluster munitions: the ban on their funding”
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”