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FATF releases revised recommendations – PDF

After two years of consultation with member countries, the Financial Action Task Force has released a report detailing modifications to existing anti money laundering and terrorist financing initiatives. Download the full report and media briefing here. 

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TheBahamasInvestor.com
Friday, February 17, 2012
Friday, February 17, 2012

The Financial Action Task Force (FATF), yesterday released a media briefing and report detailing recommendations to existing global initiatives to combat money laundering and terrorist financing.

The FATF is the global standard-setter for measures to combat money laundering, terrorist financing, and the financing of proliferation. It is an intergovernmental body with 36 members, and with the participation of over 180 countries through a global network of FATF-style regional bodies.


The review comes after two years of consultation with member countries.

The many recommendations include:

  • 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.

Download the media briefing, report and FAFTA response documents here.
FATF Recommendations | Media Narrative | FATF Response

Industry experts urged financial services providers to be prepared for the new US tax regulations due to come into force next year at a seminar held on Nassau this week. Pictured left to right: Lawrence Lewis, Ryan Pinder and Tyrone Fitzgerald. (Dupuch Photo/Harry Cutting)

Freda Madrisotti, Director of Romance for The Islands of The Bahamas, extolls the benefits of holding your nuptials in The Bahamas in a recent YouTube video, while the government also ran a competition on its Facebook page for entrants to win a free destination wedding package. Watch the video here.

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