FATF Recommendations 2012
The FATF Recommendations |
www.fatf-gafi.org/recommendations |
Paris, 16 February 2012
Money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction are serious threats to security and the integrity of the financial system.
The FATF Standards have been revised to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime. At the same time, these new standards will address new priority areas such as corruption and tax crimes.
The revision of the Recommendations aims at achieving a balance:
- On the one hand, the requirements have been specifically strengthened in areas which are higher risk or where implementation could be enhanced. They have been expanded to deal with new threats such as the financing of proliferation of weapons of mass destruction, and to be clearer on transparency and tougher on corruption.
- On the other, they are also better targeted – there is more flexibility for simplified measures to be applied in low risk areas. This risk-based approach will allow financial institutions and other designated sectors to apply their resources to higher risk areas.
The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.
FATF Recommendations 2012 |
| A – AML/CFT POLICIES AND COORDINATION |
|
1 - Assessing risks & applying a risk-based approach |
| B – MONEY LAUNDERING AND CONFISCATION |
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3 - Money laundering offence |
| C – TERRORIST FINANCING AND FINANCING OF PROLIFERATION |
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5 - SRII Terrorist financing offence |
| D – PREVENTIVE MEASURES |
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9 - Financial institution secrecy laws Customer due diligence and record keeping 10 - Customer due diligence Additional measures for specific customers and activities 12 - Politically exposed persons Reliance, Controls and Financial Groups 17 - Reliance on third parties Reporting of suspicious transactions 20 - Reporting of suspicious transactions Designated non-financial Businesses and Professions (DNFBPs) 22 - DNFBPs: Customer due diligence |
| E – TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS |
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24 - Transparency and beneficial ownership of legal persons |
| F – POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES |
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Regulation and Supervision 26 - Regulation and supervision of financial institutions Operational and Law Enforcement 29 - Financial intelligence units General Requirements 33 - Statistics Sanctions 35 - Sanctions |
| G – INTERNATIONAL COOPERATION |
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36 - International instruments |
Historical versions of the FATF Recommendations
FATF Recommendations 2004 (2003 Recommendations, incorporating the amendments of 22 October 2004)
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