General

Who are the members of FATF?

Standard

Who are the members of FATF?

Full members

  • Argentina.
  • Australia.
  • Austria.
  • Belgium.
  • Brazil.
  • Canada.
  • China.
  • Denmark.

Is the United States a FATF country?

In North America, FATF countries include Canada, the United States, and Mexico. In Europe, Austria, Belgium, Denmark, Finland, Germany, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Portugal, Switzerland, Sweden, and the United Kingdom are included within FATF.

How many countries are the members of Financial Action Task Force?

There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.

What does the Financial Action Task Force do?

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Is China a FATF member?

China remains in enhanced follow-up and will report back to the FATF on progress to strengthen its implementation of Anti-Money Laundering / Countering the Financing of Terrorism measures in October 2021.

What does GREY list mean?

The ‘grey list’ means that a country gets limited access to international loans. Specifically, “it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to extra checks”.

What is GREY list countries?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

How many countries are blacklisted by FATF?

As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

How many countries are in GREY list of FATF?

How do you identify a suspicious transaction report?

STR (Suspicious Transaction Reports)

  1. Gives rise to a reasonable ground of suspicion that it may involve the proceeds or crime; or.
  2. Appears to be made in circumstances of unusual or unjustified complexity; or.
  3. Appears to have no economic rationale or bonafide purpose.

What is FATF jurisdiction?

Which country has been recently placed on the Financial Action Task Force GREY list?

Earlier in March, global money laundering watchdog Financial Action Task Force (FATF) placed the UAE in its list of ‘jurisdictions under increased monitoring’ or the so-called grey list.