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In addition to FATF's "Forty plus Nine" Recommendations, in 2000 FATF issued a list of "Non-Cooperative Countries or Territories" (NCCTs), commonly called the FATF Blacklist. This was a list of 15 jurisdictions that, for one reason or another, FATF members believed were uncooperative with other jurisdictions in international efforts against ...
Financial Action Task Force Membership Map. According to its official website, there are 39 members of FATF (earlier 40 members, Russia's membership was suspended in Feb 2023) and two Regional Organisations (European Union and Gulf Cooperation Council), representing most financial centers around the world. [10]
Crimes that are specific to anti-money laundering (AML) programs have been referred to as Predicate Offenses (or Predicate Crimes) since the establishment of the FATF 40 Recommendations in October, 2004. [5] Since 2004, the FATF have updated the 40 Recommendations to expand the list of predicate offences.
Vietnam was added to the watch list of the FATF international financial crime watchdog, which said the nation has nonetheless committed to proving it effectively prevents the financing of the ...
FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions. [23] [24]
The current FATF Methodology was adopted in 2013 and is used by MONEYVAL to assess the technical compliance with the 40 FATF recommendations and the effectiveness of AML/CTF systems. For each recommendation, targeting a specific aspect of ML and CTF, ratings of technical compliance are assigned to a state or jurisdiction.
The FATF blacklist was the common shorthand description for the Financial Action Task Force list of "Non-Cooperative Countries or Territories" (NCCTs). The effect of the FATF Blacklist has been significant and arguably has been more important in international efforts against money laundering than has the FATF Recommendations. [1]
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989, primarily aimed at combating money laundering and terrorist financing. It functions as a policy-making body that develops and promotes standards for effective legislative, regulatory, and operational measures in this domain.