scholarly journals France

2019 ◽  
Vol 19 (326) ◽  
Author(s):  
Keyword(s):  
Real Estate ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Terrorist Financing ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Made In

This technical note (TN) sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for France in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The TN summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment against the Financial Action Task Force (FATF) standard during 2010-2011. The TN is not, in any way, an evaluation or assessment of France’s AML/CFT system. France is scheduled to undergo a comprehensive assessment against the prevailing standard during 2020–2021 by the FATF.

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.

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.

scholarly journals Luxembourg

2017 ◽  
Vol 17 (255) ◽  
Author(s):  
Keyword(s):  
Money Laundering ◽  
Financial Sector ◽  
Risk Profile ◽  
Technical Note ◽  
Assessment Program ◽  
Beneficial Ownership ◽  
Financing Of Terrorism ◽  
Made In

This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in the area of anti–money laundering and combating the financing of terrorism (AML/CFT). Since the last FSAP update, important steps have been taken to strengthen the AML/CFT regime. Luxembourg’s risk profile appears to be evolving as a result of the authorities’ push for increased tax transparency. Transparency of the beneficial ownership of legal persons has also improved. AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.

scholarly journals Proposal for Customer Identification Service Model Based on Distributed Ledger Technology to Transfer Virtual Assets

2021 ◽  
Vol 5 (3) ◽  
pp. 31
Author(s):  
Keundug Park ◽  
Heung-Youl Youm
Keyword(s):  
Money Laundering ◽  
Service Providers ◽  
Task Force ◽  
Service Model ◽  
Cross Border ◽  
Model Based ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Customer Identification ◽  
Financial Action Task

Recently, cross-border transfers using blockchain-based virtual assets (cryptocurrency) have been increasing. However, due to the anonymity of blockchain, there is a problem related to money laundering because the virtual asset service providers cannot identify the originators and the beneficiaries. In addition, the international anti-money-laundering organization (the Financial Action Task Force, FATF) has placed anti-money-laundering obligations on virtual asset service providers through anti-money-laundering guidance for virtual assets issued in June 2019. This paper proposes a customer identification service model based on distributed ledger technology (DLT) that enables virtual asset service providers to verify the identity of the originators and beneficiaries.

Pakistan will be pragmatic on Lashkar-e-Taiba

2020 ◽  
Keyword(s):  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
Plenary Meeting ◽  
Terrorist Financing ◽  
Financial Action Task ◽  
Militant Groups ◽  
To Come ◽  
The Military ◽  
Made In

Subject Pakistan's relationship with Laskhar-e-Taiba. Significance The intergovernmental Financial Action Task Force (FATF) at a plenary meeting last week decided to keep Pakistan on its ‘grey list’ of jurisdictions which have weak measures against terrorist financing, although it acknowledged the progress it has made in improving safeguards. As part of its attempts to come off the grey list, Pakistan has jailed Hafiz Saeed, leader of the Lashkar-e-Taiba (LeT) militant group. Pakistan’s politically powerful military has long leveraged LeT as a proxy. Impacts Some Pakistan-based militant groups may begin targeting the Pakistani state if deprived of outlets in Afghanistan and Kashmir. Islamabad is unlikely to be taken off the FATF grey list after the body’s next plenary meeting in June, but it may be later in the year. Pakistan will face immense external criticism if there are signs of the military tightening rather than loosening relations with militants.

The geopolitics of Pakistan’s 2018 greylisting by the Financial Action Task Force

2021 ◽  
pp. 002070202110164
Author(s):  
Abdur Rehman Shah
Keyword(s):  
United States ◽  
Task Force ◽  
The United States ◽  
Financial Action Task Force ◽  
Cross Border ◽  
Economic Coercion ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Trump Administration

This article argues that, in addition to the valid reasons for Pakistan’s greylisting by the Financial Action Task Force (FATF) in 2018, geopolitical dynamics also played a crucial role behind this development. While the United States (US) under the Trump administration pushed Pakistan to seek an end to “the longest war” in Afghanistan, India, hoping to curb cross-border terrorism, capitalized on this momentum to pressure Pakistan. In order to hastily greylist Pakistan, institutional procedures of the FATF were thus disregarded. The case study demonstrates how economic coercion was used to push Pakistan to accept US and FATF demands. This article argues that Pakistan’s greylisting has created a win-for-all scenario for now. But these gains should not be overrated. Pakistan’s implementation of FATF requirements faces significant structural limitations. Still, the consensus between major actors underscores the potential of the FATF to counter money laundering and financing of terrorism globally.

Blacklists, Market Enforcement, and the Global Regime to Combat Terrorist Financing

2019 ◽  
Vol 73 (03) ◽  
pp. 511-545 ◽  
Author(s):  
Julia C. Morse
Keyword(s):  
International Organizations ◽  
Task Force ◽  
Terrorist Financing ◽  
International Banks ◽  
Global Regime ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Market Enforcement ◽  
Market Pressure ◽  
Combat Money Laundering

AbstractThis paper highlights how international organizations can use global performance indicators (GPIs) to drive policy change through transnational market pressure. When international organizations are credible assessors of state policy, and when monitored countries compete for market resources, GPIs transmit information about country risk and stabilize market expectations. Under these conditions banks and investors may restrict access to capital in noncompliant states and incentivize increased compliance. I demonstrate this market-enforcement mechanism by analyzing the Financial Action Task Force (FATF), an intergovernmental body that issues nonbinding recommendations to combat money laundering and the financing of terrorism. The FATF's public listing of noncompliant jurisdictions has prompted international banks to move resources away from listed states and raised the costs of continued noncompliance, significantly increasing the number of states with laws criminalizing terrorist financing. This finding suggests a powerful pathway through which institutions influence domestic policy and highlights the power of GPIs in an age where information is a global currency.

scholarly journals Malta

2019 ◽  
Vol 19 (345) ◽  
Author(s):  
Keyword(s):  
Banking Sector ◽  
Task Force ◽  
Action Plan ◽  
Financial Sector ◽  
Technical Note ◽  
Evaluation Report ◽  
Financial Action Task ◽  
The Republic ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

This technical note (TN) sets out the findings and recommendations of the Financial Sector Assessment Program (FSAP) for the Republic of Malta in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of several aspects of Malta’s progress in addressing AML/CFT vulnerabilities in the financial sector, specifically the banking sector. A full assessment of the AML/CFT framework against the current Financial Action Task Force (FATF) standard was conducted by MONEYVAL in 2018, and the mutual evaluation report was published in July 2019. 2,3 Although significant steps have been taken to strengthen the AML/CFT regime since the March 2012 fourth round MONEYVAL mutual evaluation report to bring the AML/CFT framework into line with the 2012 FATF standard and improve its effectiveness, overall effectiveness is still lacking. The authorities developed an ambitious national strategy and action plan for prioritizing AML/CFT policies and activities, but it is still in its initial phase of implementation.

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.

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