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The FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due ...
MONEYVAL is the official denomination of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. It is a permanent monitoring body of the Council of Europe, with 35 member states and jurisdictions out of which 32 are assessed exclusively by MONEYVAL.
In addition, the European Commission has created a list of high-risk countries on money laundering and terrorism financing, including: Afghanistan, Iran, Iraq, North Korea, Syria, Uganda, Vanuatu and Yemen (since 20 September 2016), Trinidad and Tobago (since 14 February 2018), Pakistan (since 2 October 2018), The Bahamas, Barbados, Botswana ...
FATF was formed at the 1989 G7 Summit in Paris to combat the growing problem of money laundering. The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering.
The Financial Secrecy Index (FSI) is the report published by the advocacy organization Tax Justice Network (TJN) which ranks countries by financial secrecy indicators, weighted by the economic flows of each country. [a] It looks at how wealthy individuals and criminals can hide and launder money using the country's legal and financial systems.
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering (Anti–money laundering or AML), combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction.
Bureaux de change offer an opportunity for money laundering, and a number of countries require bureaux de change to register as money service businesses and are subject to their anti-money laundering measures. The Financial Action Task Force offers a set of recommendations for money services businesses to identify risky customers and ...