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FATF recommendations
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FATF (2012), International Standards on Combating Money Laundering and the Financing of Terrorism

& Proliferation, updated October 2016, FATF, Paris, France,   www.fatf-gafi.org/recommendations.html

© 2016 FATF/OECD. All rights reserved.

No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to  the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France  (fax: +33 1 44 30 61 37 or e-mail: contact@fatf-gafi.org).

 

  

CONTENTS

 

                     List of the FATF Recommendations        4

 

                     Introduction     7

 

                     FATF Recommendations      11

 

                     Interpretive Notes       31

 

Note on the legal basis of requirements 

         on financial institutions and DNFBPs      111

 

                     Glossary     113

             

                     Table of Acronyms        128

 

                     Annex I: FATF Guidance Documents       129

             

Annex II: Information on updates made 

         to the FATF Recommendations  131


THE FATF RECOMMENDATIONS

INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION

THE FATF RECOMMENDATIONS

Number   

Old Number1




A –   AML/CFT POLICIES AND COORDINATION

1

-

Assessing risks & applying a risk-based approach   *

2

R.31

National cooperation and coordination



B – MONEY   LAUNDERING AND CONFISCATION

3

R.1 & R.2    

Money laundering offence *

4

R.3  

Confiscation and provisional measures * 



C –   TERRORIST FINANCING AND FINANCING OF PROLIFERATION

5

SRII

Terrorist financing offence *

6

SRIII

Targeted financial sanctions related to terrorism   & terrorist financing *

7


Targeted financial sanctions related to   proliferation *

8

SRVIII

Non-profit organisations *



D –   PREVENTIVE MEASURES

R.4    Financial institution secrecy laws

              Customer due diligence and record keeping

R.5    Customer due diligence *

R.10     Record keeping

              Additional measures for specific customers and activities

R.6         Politically exposed persons *

R.7    Correspondent banking *

SRVI    Money or value transfer services *

R.8    New technologies

SRVII   Wire transfers *

              Reliance, Controls and Financial Groups

R.9    Reliance on third parties *

R.15 & R.22      Internal controls and foreign branches and subsidiaries *

R.21     Higher-risk countries *

              Reporting of suspicious transactions

R.13 & SRIV      Reporting of suspicious transactions *

R.14         Tipping-off and confidentiality

              Designated non-financial Businesses and Professions (DNFBPs)

R.12         DNFBPs: Customer due diligence *

R.16         DNFBPs: Other measures *


E –   TRANSPARENCY AND BENEFICIAL OWNERSHIP    OF LEGAL PERSONS AND ARRANGEMENTS    

24       R.33

Transparency and beneficial ownership of legal   persons *

25       R.34  

Transparency and beneficial ownership of legal   arrangements *


F –   POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES  AND OTHER INSTITUTIONAL MEASURES


Regulation and   Supervision

26       R.23

Regulation and supervision of financial institutions   *

27       R.29  

Powers of supervisors

28       R.24

      

Regulation and supervision of DNFBPs

Operational and Law   Enforcement

29       R.26  

Financial intelligence units *

30       R.27  

Responsibilities of law enforcement and   investigative authorities *

31       R.28  

Powers of law enforcement and investigative   authorities

32       SRIX

      

Cash couriers *   

General   Requirements     

33       R.32  

Statistics

34       R.25  

      

Guidance and feedback 

Sanctions

35       R.17  

Sanctions  


G –   INTERNATIONAL COOPERATION

R.35 & SRI        International instruments  

R.36 & SRV       Mutual legal assistance       

R.38         Mutual legal assistance: freezing and confiscation *  

R.39     Extradition

R.40         Other forms of international cooperation * 

                 

1.  The ‘old number’ column refers to the corresponding 2003 FATF Recommendation.

*  Recommendations marked with an asterisk have interpretive notes, which should be read in conjunction with the Recommendation. 

 

Version as adopted on 15 February 2012. 

INTRODUCTION

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The mandate of the FATF is to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system. In collaboration with other international stakeholders, the FATF also works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse. 

The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats. The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances. The FATF Recommendations set out the essential measures that countries should have in place to:

identify the risks, and develop policies and domestic coordination;

pursue money laundering, terrorist financing and the financing of proliferation; 

apply preventive measures for the financial sector and other designated sectors;

establish powers and responsibilities for the competent authorities (e.g., investigative, law   enforcement and supervisory authorities) and other institutional measures; 

enhance the transparency and availability of beneficial ownership information of legal persons and arrangements; and nfacilitate international cooperation.  

The original FATF Forty Recommendations were drawn up in 1990 as an initiative to combat the misuse of financial systems by persons laundering drug money.  In 1996 the Recommendations were revised for the first time to reflect evolving money laundering trends and techniques, and to broaden their scope well beyond drug-money laundering. In October 2001 the FATF expanded its mandate to deal with the issue of the funding of terrorist acts and terrorist organisations, and took the important step of creating the Eight (later expanded to Nine) Special Recommendations on Terrorist Financing. The FATF Recommendations were revised a second time in 2003, and these, together with the Special Recommendations, have been endorsed by over 180 countries, and are universally recognised as the international standard for anti-money laundering and countering the financing of terrorism (AML/CFT).  

THE FATF RECOMMENDATIONS

INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION

Following the conclusion of the third round of mutual evaluations of its members, the FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the World Bank and the United Nations. The revisions address new and emerging threats,

clarify and strengthen many of the existing obligations, while maintaining the necessary stability and rigour in the Recommendations. 

The FATF Standards have also been revised to strengthen the requirements for higher risk situations, and to allow countries to take a more focused approach in areas where high risks remain or implementation could be enhanced. Countries should first identify, assess and understand the risks of money laundering and terrorist finance that they face, and then adopt appropriate measures to mitigate the risk. The risk-based approach allows countries, within the framework of the FATF requirements, to adopt a more flexible set of measures, in order to target their resources more effectively and apply preventive measures that are commensurate to the nature of risks, in order to focus their efforts in the most effective way. 

Combating terrorist financing is a very significant challenge. An effective AML/CFT system, in general, is important for addressing terrorist financing, and most measures previously focused on terrorist financing are now integrated throughout the Recommendations, therefore obviating the need for the Special Recommendations. However, there are some Recommendations that are unique to terrorist financing, which are set out in Section C of the FATF Recommendations. These are: Recommendation 5 (the criminalisation of terrorist financing); Recommendation 6 (targeted financial sanctions related to terrorism & terrorist financing); and Recommendation 8 (measures to prevent the misuse of non-profit organisations). The proliferation of weapons of mass destruction is also a significant security concern, and in 2008 the FATF’s mandate was expanded to include dealing with the financing of proliferation of weapons of mass destruction. To combat this threat, the FATF has adopted a new Recommendation (Recommendation 7) aimed at ensuring consistent and effective implementation of targeted financial sanctions when these are called for by the UN Security Council. 

The FATF Standards comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the Glossary. The measures set out in the FATF Standards should be implemented by all members of the FATF and the FSRBs, and their implementation is assessed rigorously through Mutual Evaluation processes, and through the assessment processes of the International Monetary Fund and the World Bank – on the basis of the FATF’s common assessment methodology. Some Interpretive Notes and definitions in the glossary include examples which illustrate how the requirements could be applied. These examples are not mandatory elements of the FATF Standards, and are included for guidance only. The examples are not intended to be comprehensive, and although they are considered to be helpful indicators, they may not be relevant in all circumstances.

The FATF also produces Guidance, Best Practice Papers, and other advice to assist countries with the implementation of the FATF standards. These other documents are not mandatory for assessing compliance with the Standards, but countries may find it valuable to have regard to them when considering how best to implement the FATF Standards. A list of current FATF Guidance and Best Practice Papers, which are available on the FATF website, is included as an annex to the Recommendations.  

The FATF is committed to maintaining a close and constructive dialogue with the private sector, civil society and other interested parties, as important partners in ensuring the integrity of the financial system.  The revision of the Recommendations has involved extensive consultation, 

and has benefited from comments and suggestions from these stakeholders. Going forward and in accordance with its mandate, the FATF will continue to consider changes to the standards, as appropriate, in light of new information regarding emerging threats and vulnerabilities to the global financial system.

The FATF calls upon all countries to implement effective measures to bring their national systems for combating money laundering, terrorist financing and the financing of proliferation into compliance with the revised FATF Recommendations. 


FATF recommendations.docx