What is FATF and their function?
Updated FATF List 2020
- Updated FATF List 2020
- What is FATF and what is its role?
- What is GAFU?
- What are the functions of a compliance officer?
- Gafi money laundering
- What is an indigenous instrument?
- What are the stages of terrorism?
- How is money laundering criminalized?
- What are money laundering examples?
- What does compliance officer mean?
- What are the native instruments of Argentina?
With more than 70 members, the Financial Action Task Force – FATF – is the international body that sets the standards and canons for the prevention of money laundering and terrorist financing. It is an organization that, under its recommendations, is the basis for the legislative acquis on the prevention of money laundering in most of today’s countries.
The FATF was established at the 1989 G-7 summit in Paris in response to threats related to the crime of money laundering linked to drug trafficking. The G-7 presidents, as well as the President of the European Commission, agreed to the creation of this international body to join forces in the fight against money laundering.
Originally the FATF’s area of action was limited to money laundering; however, following the September 11 attacks on the Twin Towers, its area of action was extended to include combating the financing of terrorism. In addition, in 2012 it underwent another competence increase, analyzing the threat posed by the financing of weapons of mass destruction. Other issues dealt with by the FATF are the fight against corruption, or more recently, the analysis of the risk posed by cryptocurrencies.
What is FATF and what is its role?
The Financial Action Task Force on Money Laundering (FATF) is an intergovernmental body whose purpose is to develop and promote measures to combat money laundering, the process of concealing the illegal origin of criminal proceeds.
What is GAFU?
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What are the functions of a compliance officer?
Functions of the Compliance Officer
Promote training programs on topics related to prevention of money laundering and financing of terrorism within the organization for all personnel.
Gafi money laundering
There is a worldwide consensus that combating money laundering and terrorist financing (ML/FT) requires instruments and institutions to coordinate global efforts in this area. The Financial Action Task Force (FATF), recognized as a key player for such purposes, is an intergovernmental group that sets standards, develops and promotes policies to combat money laundering and terrorist financing. The FATF is composed of 36 members: 34 countries and 2 international organizations and, in addition, it has 27 observers among regional and international groups. Its main functions are:
In April 1990, the FATF published a report containing a set of 40 Recommendations, which provide a comprehensive plan of measures needed to combat ML. Subsequently, in October 2001, it published the Nine Special Recommendations for dealing with terrorist financing.
The 40 + 9 Recommendations provide an expanded, comprehensive and coherent scheme of measures to combat both crimes. These recommendations have been recognized by the International Monetary Fund and the World Bank as international standards to be applied.
What is an indigenous instrument?
Authentic instruments refer to instruments that originate in a particular country or region, and are therefore considered to be indigenous to that area.
What are the stages of terrorism?
First, there is the fundraising stage. As a second stage, the terrorist group moves the same funds using diversification techniques to then put the funds in the hands of the recipients. Finally, it uses the funds in the terrorist activity, which is the end of the financing.
How is money laundering criminalized?
In Mexico, we said, Article 400 bis of the Federal Criminal Code calls money laundering: “operations with resources of illicit origin”, and it is considered a serious crime.
Money laundering is a crime, which consists of giving the appearance of legitimate or licit origin to assets – monetary or otherwise, which in reality are products or “proceeds” of serious crimes such as: illicit drug trafficking, human trafficking, corruption, kidnapping and others.
The FATF Recommendations constitute a comprehensive and consistent international framework of measures that countries should implement tailored to their particular circumstances to combat these crimes.
The FATF 40 Recommendations are the international standard that countries should implement to combat ML/TF as well as the financing of the proliferation of weapons of mass destruction.
The FATF website offers users the possibility of consulting the so-called black and grey lists, which refer to jurisdictions with the highest risk of money laundering and terrorist financing.
– (Financial Investigations Unit) The Financial Investigations Unit is part of the organic structure of the Superintendence of Banks and Financial Institutions, it is a decentralized body with functional, administrative and operational autonomy, in charge of receiving, requesting, analyzing and, if necessary, analyzing the information.
What are money laundering examples?
Money laundering is a crime that seeks to give the appearance of legality to illicit money. … In practical terms, a “bobo” is, for example, a person who lends his or her name or financial products to hide or cover up the illegal origin of money.
What does compliance officer mean?
This is the management level officer responsible for verifying the application of the regulations inherent to the prevention of money laundering and the financing of crimes, executing the compliance program aimed at preventing the entity (obligated entity) from being used for the commission of these crimes; and, …
What are the native instruments of Argentina?
The traditional musical instruments of Argentina are classified as Folkloric and ethnographic. Some have pre-Columbian origin. Others are the product of the influence of cultures that arrived to the continent with the conquest. They are of ritual, religious and festive use.
The standards it issues are known as the 40 Recommendations. The FATF also has a peer review procedure known as “Mutual Evaluations”, which aims to determine, through a methodology, the degree of implementation of the 40 Recommendations in all countries and jurisdictions (not only its members). Under these procedures, the FATF makes observations to help countries comply more adequately and in line with international standards.
– Policy Development Group (PDG): coordinates the development of recommendations, assessment methodologies, guidelines, best practices and other documents on international standards. In addition, it is in charge of developing the liaison strategy between the FATF and the private sector.
– Evaluation and Compliance Group (ECG): coordinates and determines matters related to the fourth round of mutual evaluations, which began at the end of 2013, in order to establish the level of compliance of countries with respect to the new FATF 40 Recommendations, as well as to monitor countries that do not fully comply with them.