As many will be aware, The Financial Action Task Force (FATF) – which is the global standard setting body for anti-money laundering and combating the financing of terrorism – has set out 40 Recommendations (on money laundering) and 9 Special Recommendations (on terrorist financing). FATF is currently undertaking a review of the ’40 + 9′ to ensure they remain up-to-date and relevant e.g. to add tax crimes as a predicate offence for money laundering which would mean that transactions relating to the proceeds of tax crimes would have to be reported as suspicious transactions.
Comments are welcome no later than 7 January 2011.
In a separate publication FATF has updated its list of jurisdictions which have strategic AML/CFT deficiencies – a listing which ranges from Greece to Qatar – as well as identifying new jurisdictions such as Venezuela. In addition, FATF has also updated its Public Statement on Iran and the Democratic People’s Republic of Korea.