What are FATF requirements?

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

What are the 40 recommendations of FATF?

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

What is GREY list in FATF?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

How many categories are there in FATF?

The 39 Members of the FATF The FATF currently comprises 37 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe.

Is India a member of FATF?

India became an Observer at FATF in 2006. Since then, it had been working towards full-fledged membership. On June 25, 2010 India was taken in as the 34th country member of FATF.

What is CDD and EDD?

The second step is Customer Due Diligence (“CDD”) which requires the bank to obtain information to verify the customer’s identity and assess the risk. If the CDD inquiry leads to a high risk determination, the bank has to conduct an Enhanced Due Diligence (“EDD”).

Which countries are on the GREY list?

As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

Which country is in GREY list?

The grey list is updated periodically and among the 19 countries it contains after the previous FATF meeting, in February this year, are Myanmar, Mauritius, Cambodia, Panama, Barbados, Cayman Islands, Syria. Pakistan has continued on this list since June 2018.

Is USA a FATF country?

In North America, FATF countries include Canada, the United States, and Mexico. In Europe, Austria, Belgium, Denmark, Finland, Germany, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Portugal, Switzerland, Sweden, and the United Kingdom are included within FATF.

How is the APG related to the FATF?

The APG, in conjunction with the FATF and the other eight regional bodies, constitute a global network to combat money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction. The FATF’s 40 recommendations are the principal standards to combat these crimes.

Where are the FATF-style regional bodies located?

Nine FATF-Style Regional Bodies have been established. The FATF-style regional bodies are: Asia/Pacific Group on Money Laundering (APG) based in Sydney, Australia; Caribbean Financial Action Task Force (CFATF) based in Port of Spain, Trinidad and Tobago; Eurasian Group (EAG) based in Moscow, Russia;

How many members are there in the FATF?

While it has 39 official members and jurisdictions, it depends on the support of nine FATF-style regional bodies (FSRBs) to ensure that its policies extend to all corners of the world. What is the purpose of FATF-Style Regional Bodies?

Where are the FATF money laundering groups located?

West Africa Money Laundering Group (GIABA) based in Dakar, Senegal; Middle East and North Africa Financial Action Task Force (MENAFATF) based in Manama, Bahrain; Council of Europe Anti-Money Laundering Group (MONEYVAL) based in Strasbourg, France (Council of Europe).