Who's the Legislator Anyway? How the Fatf's Global Norms Reshape Australian Counter Terrorist Financing Laws

2017 ◽  
Vol 45 (1) ◽  
pp. 127-151 ◽  
Author(s):  
Doron Goldbarsht
Keyword(s):  
Task Force ◽  
International Standards ◽  
Soft Law ◽  
Evaluation Report ◽  
Financial Action Task Force ◽  
Terrorist Financing ◽  
Decisive Influence ◽  
Financial Action Task ◽  
Global Norms ◽  
Mutual Evaluation

This article focuses on the Australian implementation of the Financial Action Task Force (FATF) Recommendations, so-called ‘soft law’ instruments, which represent the international standards in Counter Terrorist Financing (CTF) but which force legislators to conform. The article will fill the gaps existing in the literature today by focusing on the origins and motives of broad CTF legislation in Australia, then detailing each of the FATF's CTF Recommendations and the ways in which they are implemented in Australia. This approach differs significantly from other literature in the field, which deals solely with Australian implementation of one of the FATF's components. The current paper's examination will reveal the CTF regime in Australia, a decade after the FATF's first CTF Mutual Evaluation Report on Australia, and its decisive influence.

scholarly journals Countering Terrorist Financing via Non-Profit Organisations: Assessing why few States Comply with the International Recommendations

2015 ◽  
Vol 6 (3) ◽  
pp. 325-352 ◽  
Author(s):  
Matthew Robert Shillito
Keyword(s):  
Task Force ◽  
Soft Law ◽  
Financial Action Task Force ◽  
Non Profit ◽  
Terrorist Financing ◽  
Financial Action Task ◽  
Low Levels

AbstractThis paper utilises the existing framework for analysing international “soft law” measures to examine why 83% of Financial Action Task Force members are either non-compliant or partially compliant with Special Recommendation VIII (SR.VIII) on the prevention of terrorist financing through non-profits. The paper also considers whether SR.VIII is unique amongst other FATF Recommendations in terms of its low levels of compliance.

scholarly journals Pakistan on FATFs Grey List: Terrorist Financing Perspective

2019 ◽  
Vol IV (IV) ◽  
pp. 281-290
Author(s):  
Abid Hussain
Keyword(s):  
Task Force ◽  
Financial System ◽  
Legal Framework ◽  
Multiple Sources ◽  
Financial Action Task Force ◽  
Terrorist Financing ◽  
Terrorist Groups ◽  
Financial Action Task ◽  
Financing Of Terrorism

Pakistan is facing great challenges of terrorism which have posed serious threats towards integrity and stability of the country. It is unanimously agreed that finance serves as lifeline for execution of terrorist activities. Terrorist groups generate funds through multiple sources and transfer them by exploiting the loopholes existing in financial system. Despite, Pakistan has taken sufficient steps to counter the financing of terrorism (CFT), nonetheless, money is still transmitting due to some regulatory flaws of the financial system. Owing to terrorist financing related deficiencies, Pakistan has been placed on the Financial Action Task Force (FATF) “Grey list”. FATF has warned Pakistan to be blacklisted if precipitate actions to address TF related deficiencies are not taken until February 2020. The paper evaluates the present CFT legal framework and recommends certain legal initiatives required to be taken by Pakistan prior dead line of February 2020.

Prospects for Pakistan in 2020

2019 ◽  
Keyword(s):  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Action Task

Subject Prospects for Pakistan in 2020. Significance In early 2020, Pakistan will again face a challenge to convince the intergovernmental Financial Action Task Force (FATF) that it has strengthened its measures against terrorist financing. Islamabad wants to avoid being put on the organisation’s ‘blacklist’, which would expose it to a risk of sanctions at a time when it is trying to spur an economic revival. Meanwhile, Pakistan is looking to bolster its relations with allies as tensions with enemy India simmer over the disputed Kashmir region.

Prospects for Pakistan to end-2019

2019 ◽  
Keyword(s):  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Action Task ◽  
The Imf

Subject Prospects for Pakistan to end-2019. Significance Key challenges for Pakistan in the second half of this year include finalising its latest loan programme with the IMF and extricating itself from the intergovernmental Financial Action Task Force (FATF) ‘grey list’. While the IMF bailout will require consent from Fund executives in Washington, Islamabad will need to convince the FATF that it has taken steps to crack down on terrorist financing.

Role of FATF in spearheading AML and CFT

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Firas Murrar ◽  
Khaled Barakat
Keyword(s):  
Task Force ◽  
Secondary Data ◽  
Arab Countries ◽  
Financial Action Task Force ◽  
Content Type ◽  
Analysis Methodology ◽  
Regulatory Frameworks ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This study aims to define the role of the Financial Action Task Force (FATF) and its Style Regional Bodies (FSRBs) that combat money laundering (ML) and terrorist financing (TF) by measuring how well some Arab countries have complied with FATF’s “Forty Recommendations” with respect to the regulatory framework. Design/methodology/approach This study combines the comparative analysis methodology with a descriptive analytical approach to compare three member countries of the Middle East and North Africa Financial Action Task Force (MENAFATF). It uses secondary data sources, namely, theoretical literature on the subject and FATF reports on mutual evaluation reports (MERs). Findings This study examined the variations in compliance with FATF standards among three member countries of MENAFATF: Bahrain, Morocco and Jordan. While Bahrain has almost completely fulfilled these standards, Morocco and Jordan have only partially fulfilled them. These variations in compliance are mainly attributed to the uneven level of readiness in the countries’ commitment to the legislative and regulatory requirements before the process of mutual evaluation. Originality/value Researchers can find several studies on the role of FATF and FSRBs in combating ML and TF. However, no studies have focussed on the application levels of FATF standards, which are relevant to the regulatory frameworks of member countries. This study makes a unique and vital contribution, as it demonstrates the effectiveness of applying the FATF standards.

scholarly journals Austria

2020 ◽  
Vol 20 (65) ◽  
Author(s):  
Keyword(s):  
Banking Sector ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Evaluation Report ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Mutual Evaluation ◽  
Made In

This Technical Note (TN) sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program (FSAP) for Austria in the areas of AML/CFT. It provides a targeted review of Austria’s progress in addressing the ML/TF vulnerabilities in the banking sector, including AML/CFT supervision and cross-border activities, progress in enhancing the transparency of legal persons and arrangements, and risks related to virtual assets (VAs) and virtual assets service providers (VASPs). This review is not an assessment or evaluation of the country’s AML/CFT regime. In this regard, Austria’s AML/CFT system was assessed by the Financial Action Task Force (FATF) against the current FATF standard and the Mutual Evaluation Report (MER) was adopted in September 2016. The authorities are focused on improving the effectiveness of the legal, regulatory, and supervisory framework in mitigating ML/TF risks.

Revisions to the Financial Action Task Force (FATF) Standard - Information Note to the Executive Board

Policy Papers ◽  
2012 ◽  
Vol 2012 (57) ◽  
pp. 1
Author(s):  
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
International Standards ◽  
Executive Board ◽  
Financial Action Task Force ◽  
Standard Information ◽  
Financial Action Task ◽  
Financing Of Terrorism

The purpose of this note is to inform the Executive Board of the amendments made to the standard on anti-money laundering and combating the financing of terrorism (AML/CFT). The Financial Action Task Force (FATF)—the standard setter for AML/CFT—adopted on February 16, 2012 a revised standard, now entitled the “International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation: the FATF Recommendations.”

Anti-Money Laundering Law in India: A ‘Glocalization’ Model

2018 ◽  
Vol 40 (3) ◽  
pp. 224-235 ◽  
Author(s):  
Shannu Narayan
Keyword(s):  
United Nations ◽  
Money Laundering ◽  
Task Force ◽  
Transnational Crime ◽  
International Community ◽  
International Standards ◽  
Financial Action Task Force ◽  
Governmental Organizations ◽  
Financial Action Task ◽  
Set Up

Abstract The move towards harmonization of International Anti-Money Laundering (AML) regimes has attained importance during the last two decades and has been almost universally adopted by the international community. Member States of the United Nations, and Inter-governmental Organizations like the Financial Action Task Force (FATF), have criminalized money laundering, and many of them have set up specialized agencies to combat it. Money laundering is the life blood of all transnational crimes. Illicit/illegitimate money is integrated and reinvested into the legitimate financial system, which in turn facilitates commission of further transnational crimes. The term ‘glocalization’ describes the locally embedded nature of transnational crime. India’s AML law regime is a perfect example of adopting a glocalization model which is manifested through various amendments carried out to the principal Act to align it with international standards and policies.

Qatar’s progress towards preventing terror finance through the abuse of charitable status and the financial sector

2016 ◽  
Vol 19 (4) ◽  
pp. 500-516 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Design Methodology ◽  
Task Force ◽  
Financial Sector ◽  
Financial Action Task Force ◽  
Content Type ◽  
Financial Regulations ◽  
Novel Approach ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This paper aims to track Qatar’s progress in preventing abuse of charitable status or of its financial regulations to prevent terror finance. Design/methodology/approach Qatar’s progress towards meeting the demands of the Central Themes will thus be summarised and explored. This paper tracks its history in response to evolving Financial Action Task Force (FATF) standards, and considers how Qatar can take measures to enhance their reputation. Findings Qatar’s efforts were found to be sustained but these still fall short of emerging standards. This paper advocates for higher standards. Originality/value This original paper and novel approach is useful to policymakers and researchers of AML/CTF law. It is particularly timely in advance of the 2017 mutual evaluation of Qatar. It advances the findings of on another article written by the author.

Sign in / Sign up

Export Citation Format

Share Document