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Tag Archive for fatf

Outcomes Of The Plenary Meeting—FATF, Paris, February 2017

William Byrnes

Under the Spanish Presidency of Mr. Juan Manuel Vega-Serrano, the second Plenary meeting of Plenary year FATF-XXVIII was held.

Mr. Michel Sapin, French Minister of Finance and Public Accounts, addressed the Plenary to emphasize FATF’s important role in ensuring the integrity of the international global system from threats such as terrorist financing, and his country’s commitment to increase the traction capacity of the FATF even further.

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Money Laundering Evaluation Of The United States

William Byrnes

The United States has a well-developed and robust anti-money laundering and counter-terrorist financing (AML/CFT) regime through which it is effectively investigating and prosecuting money laundering and terrorist financing. However, the system has serious gaps that impede timely access to beneficial ownership information.

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Developments In The Decline Of Correspondent Banking Relationships

William Byrnes

The decline in correspondent banking relationships, or de-risking, has been a concern for the FATF since 2014. Some financial institutions have decided to close their corresponding banking relationships with whole classes of customers or entire regions, in order to avoid, rather than mitigate, money laundering terrorist financing risks.

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Efforts To Combat Terrorist Financing

William Byrnes

In July 2016, the FATF (Financial Action Task Force) reported to G20 on its ongoing work to tackle terrorist financing, including the effective implementation of measures to criminalise terrorist financing and freeze terrorists’ assets since the February 2016 meeting. The G20 welcomed this progress and called for swift and effective implementation of FATF standards worldwide as a priority.

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