Europe: FATF to Evaluate Countries Anti-Money-Laundering Systems More Frequently

The Financial Action Task Force said it would assess its member countries more frequently to assist them further in tackling money-laundering and combating terrorist financing.

FATF, a Paris-based organisation that sets anti-money-laundering law standards, said it would shorten its coming fifth round of mutual evaluations to a six-year cycle, according to a report on the state of countries’ effectiveness and compliance published Tuesday. The current mutual evaluation is usually held around once every 10 years, according to a FATF spokesman.

FATF’s mutual evaluations consist of peer reviews in which members from different countries assess the effectiveness and implementation of one another’s anti-money-laundering measures. FATF said the evaluations entail a description and an analysis of a country’s financial safeguards to prevent the illicit abuse of its financial system and recommendations to further strengthen it.


Ready to find out more?

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Share via
Copy link
Powered by Social Snap