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FATF Revised 40+9 Recomendations To Combat Money laundering & Terrorism Financing
by tariq ali - Sunday, 19 February 2012, 05:49 AM
 

The Financial Action Task Force (FATF) has revised its 40 + 9 recomendations after 2 years of efforts by member countries. The revised  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 higherrisk 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. Read Revised Recomendations