FATF Recommendation 12: Politically Exposed Persons

FATF Recommendation 12: Politically Exposed Persons. Photo by: Julia Taubitz..

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.

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CFATF and the prevention of money laundering

CFATF and the prevention of money laundering. Logo of CFATF.

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.

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FATF Recommendation 11

FATF Recommendation 11. https://blog.pibisi.com/en/2025/03/fatf-recommendation-10/Photo by Joshua Hoehne.

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.

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FATF Recommendation 10

FATF Recommendation 10. Photo by Timo Müller.

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.

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Anti-personnel mines and cluster munitions: the ban on their funding

Anti-personnel mines and cluster munitions: the ban on their funding. Photo by Marek Studzinski

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.

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FATF Recommendation 9

FATF Recommendation 9. Photo by Kankan

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.

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GAFILAT and money laundering prevention

GAFILAT and money laundering prevention. Isabela Kronemberger.

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.

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FATF Recommendation 8th

FATF Recommendation 8th. Photo by Judy Beth Morris.

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.

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Sweden and its definition of PEP

Sweden and its definition of PEP. Photo por Simone Clare.

Like other European states, such as Portugal, France, and the Netherlands, Sweden also defines the concept of politically exposed person within its regulatory framework for prevention. Like its European counterparts, this framework is influenced by the recommendations of the FATF and European directives that have shaped Swedish legislative development.

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