The FATF develops and promotes global standards for combating money laundering and terrorist financing, which are set out in the FATF 40 Recommendations and the 9 Special Recommendations on Terrorist Financing. Moving towards the end of its 3rd Round of Mutual Evaluations, the FATF is currently conducting a review of the 40+9 Recommendations to ensure that they remain up-to-date and relevant and to benefit from lessons learnt from implementing and evaluating the current standards. The current review is a focused and balanced exercise, aiming at maintaining the necessary stability in the standards while addressing any deficiencies or loopholes in the current FATF standards.
Work has been undertaken on the first phase of this review over the last year, considering issues including the Risk Based Approach, Customer Due Diligence, reliance on third parties and tax crime as a predicate offence for money laundering. The initial proposals emerging from this work are set out for consultation in this document.
The FATF wishes to receive the views of all interested parties on the proposals contained in this paper. Comments should be received, in English or French, by the FATF Secretariat no later than Friday 7 January 2011, and if possible the comments should be sent electronically to: fatf.consultation@fatf-gafi.org. Persons providing comments should note that a compendium of comments received will be made publicly available following the consultation.
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