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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.
Continue reading “Croatia and its definition of PEP”
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.
Continue reading “FATF Recommendation 15: New technologies”
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.
Continue reading “EAG and the prevention of money laundering”
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.
Continue reading “Andorra and its definition of PEP”
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).
Continue reading “Costa Rica and its definition of PEP.”
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”