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. Now at the end of its 3rd Round of Mutual Evaluations, the FATF is 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 in 2010, 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 were set out in the consultation document that members of the public were invited to comment on. The public consultation took place from 26 October 2010 to 7 January 2011.
During the consultation period, comments were received from the financial sector, designated non-financial business and professions, and non-government organisations and individuals. A compilation of the responses per sector is available for download:
- Compilation of Responses from the financial sector - Part 1 (pdf, 2.8 Mb) / Compilation of Responses from the financial sector - Part 2 (pdf, 4.2 Mb)
The FATF is currently analysing the contributions in the context of the revision of the FATF Recommendations and the fourth round of Mutual Evaluations.
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