scholarly journals People’s Republic of China

2019 ◽  
Vol 19 (172) ◽  
pp. 1
Author(s):  
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
People’S Republic Of China ◽  
People's Republic Of China ◽  
Financial Action Task Force ◽  
Republic Of China ◽  
Financial Action Task ◽  
Financing Of Terrorism

This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.

scholarly journals FATF Guidance on Effective Oversight in the AML/CFT System

2018 ◽  
Vol 3 (2) ◽  
pp. 190 ◽  
Author(s):  
Andronov M.Y. ◽  
Leonov P.Y.
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Limited Resources ◽  
Financial Action Task Force ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
The One ◽  
Financial Monitoring ◽  
Fourth Round ◽  
Oriented Approach

Fourth round of mutual evaluations of the FATF (financial action task force on money laundering, the Financial Action Task Force on Money Laundering, FATF) was held already in 38 countries around the world. In 2018 Russia will be cheсked.One of the elements of anti-money laundering system is the oversight activities. FATF gives guidance on its effective building. It should be provided with the risk-oriented approach. On the one hand, in order to apply its limited resources to the most dangerous areas. On the other hand, does not interfere the development of legal entrepreneurs with redundant oversight actions.The purpose of this article is to attract attention of specialists for financial monitoring to Guide FATF on the application of risk-oriented approach to oversight for AML/CFT purposes. Keywords: Legalization, countering the financing of terrorism, supervision in the sphere of AML, risk-oriented approach

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 and Combating the Financing of Terrorism - Review of the Quality and Consistency of Assessment Reports and the Effectiveness of Coordination

Policy Papers ◽  
2006 ◽  
Vol 2006 (21) ◽  
Author(s):  
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Large Majority ◽  
Executive Directors ◽  
Financial Action Task Force ◽  
Medium Quality ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
High Degree ◽  
Assessment Reports

This paper responds to a request from Executive Directors to review the quality and consistency of anti-money laundering and combating the financing of terrorism (AML/CFT) assessment reports prepared by the Financial Action Task Force on Money Laundering (FATF) and FATF style regional bodies (FSRBs), and the effectiveness of coordination with FATF/FSRBs. The review found a high degree of variability in the quality and consistency of reports prepared by the different assessor bodies as well as within the same assessor group. While a large majority of reports were of high- or medium quality with respect to key components of the assessments, the treatment of ratings gave rise to greater problems. A number of initiatives have been taken or are underway to improve the quality and consistency of assessments by all assessor bodies, including: the standardization of documentation, the strengthening of peer/internal reviews, and the intensification of assessor training.

Financial action task force and the fight against money laundering and the financing of terrorism

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Georgios Pavlidis
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
30Th Anniversary ◽  
Open Source Data ◽  
Building Process ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
High Level

Purpose Thirty years after its creation, the Financial Action Task Force (FATF) has become a prime example of a norm-building process that transcends the traditional avenues of public international law, while compelling a high level of compliance and assuring quick adaptation to norms and practices that better address money laundering and the financing of terrorism in their evolving form. On the occasion of FATF’s 30th anniversary, this paper aims to revisit the unique characteristics of FATF and the factors behind FATF’s success as standard-setter and as implementation-reviewer in the anti-money laundering (AML)/CFT context. Design/methodology/approach This paper draws on primary sources of law, legal scholarship, reports and other open source data to analyse the FATF norm-building process and the factors behind its success. Findings Thirty years after its creation, the FATF has established itself as the key standard-setter, implementation-reviewer and force for reform in the AML/CFT context. Though the FATF norm-building process has been very successful, owing to its flexibility, adaptability and expansiveness, significant challenges lay ahead due to the evolving nature of money laundering and financing of terrorism. Originality/value This is a comprehensive study examining the achievements, impact, strengths and weaknesses of the FATF norm-building process on the occasion of the organisation’s 30th anniversary.

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.

Soft Organizations, Hard Powers: The FATF and the FSB as Standard-Setting Bodies

Global Jurist ◽  
2018 ◽  
Vol 19 (2) ◽  
Author(s):  
Sara De Vido
Keyword(s):  
International Law ◽  
Money Laundering ◽  
Financial Stability ◽  
Task Force ◽  
Standard Setting ◽  
Financial Action Task Force ◽  
Financial Action Task

Abstract The purpose of this contribution is to analyze two major standard setting bodies, namely the Financial Action Task Force on money laundering and the Financial Stability Board from an international law perspective. It will be demonstrated that they are “soft organizations”, which, despite their loose structure, can exercise “hard powers” in inducing States to comply with their standards.

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