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FATF Mandate Extended To 2020
Publicado el Apr 16, 2012

Ministers from nations party to the Financial Action Task Force's (FATF) 40+9 recommendations are to extend the organization's mandate to 2020, to allow the agency to continue its role of protecting the integrity of the international financial system through the development and enforcement of its anti-money laundering and terrorism financing standards.

The FATF Ministerial Meeting, which is to take place on the margins of the 2012 International Monetary Fund/World Bank Spring Meetings on April 20, 2012, will see FATF's tenure extended by eight years.

Founded in 1989, the FATF has over the years established a set of 40 recommendations on money-laundering and nine recommendations to combat the financing of terrorism. The money-laundering recommendations in particular ensure that those processing payments must implement internationally-agreed standards, and undertake in-depth due diligence into clients' affairs, whilst working cooperatively with other nations' authorities, including through suspicious transaction report correspondence. Standards for countering the financing of terrorism were added in 2003 in the aftermath of the 9/11 bombings.

A statement released by the organization said that the renewed mandate, to be published on April 21, 2012, "will allow the FATF - through its global network of 187 partner countries - to ensure that all are doing their part to make the international financial system off-limits to criminals, terrorists and others threats to financial stability".

*Lowtax.net
 
 
       
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