On February 15th, 2012, The Financial Action Task Force released the revised 40 Recommendations.

According to FATA website, “ the revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based approach.

The main changes are:

  • Combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN Security Council.
  • Improved transparency to make it harder for criminals and terrorists to conceal their identities or hide their assets behind legal persons and arrangements.
  • Stronger requirements when dealing with politically exposed persons (PEPs).
  • Expanding the scope of money laundering predicate offences by including tax crimes.
  • An enhanced risk-based approach which enables countries and the private sector to apply their resources more efficiently by focusing on higher risk areas.
  • More effective international cooperation including exchange of information between relevant authorities, conduct of joint investigations, and tracing, freezing and confiscation of illegal assets.
  • Better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing.

The FATF will begin a new round of evaluations on the Recommendations of its member countries in 2013 and will focus much more intensively on assessing how effectively countries have implemented the Standards.”

For complete information on the FATF Recommendations: Click here

As a result of the revised 40 recommendations ComplianceAid, can assist your business with the following:

  • Review  and enhancement of your current AML/CTF Policies, Procedures  and Risk Assessment Program
  • Training employees on new or enhanced processes
  • Update AML/CTF documentation, checklist, forms, brochure
  • Create AML/CTF Mitigated Tools 

ComplianceAid BSA AML Services LLC

150 SE 2nd Ave, Suite 300
Miami, Florida, 33131, USA
+1 (305) 772-9712
contact@complianceaid.pro

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