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A total of 17 countries were labeled as high-risk and non-cooperative jurisdictions by FATF. All listed countries below are defined as such; counter-measures were in force only for Iran and the Democratic People's Republic of Korea (DPRK, North Korea). [24] High-risk and non-cooperative countries, to whom counter-measures applied:
All remaining Non-Cooperative Countries and Territories in the NCCT initiative were delisted in October 2006, however, FATF continues to maintain a "blacklist" of "High Risk" jurisdictions and a "greylist" of "Jurisdictions Under Increased Monitoring", and issues updates as countries on High-risk and non-cooperative jurisdictions list have made ...
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989, primarily aimed at combating money laundering and terrorist financing. It functions as a policy-making body that develops and promotes standards for effective legislative, regulatory, and operational measures in this domain.
Formed in 1989 by the G7 countries, the Financial Action Task Force on Money Laundering (FATF) is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include ...
As of June 2017, the UK's PEP definition is identical to the 2012 FATF definition, i.e. including reference to domestic PEPs; it is found in the Money Laundering Regulations 2017 Section 35(12). [20] A PEP is considered to be any individual who fits any of the criteria listed below:
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.
The Financial Action Task Force on Money Laundering (FATF), an intergovernmental body set up to combat money laundering, stated, "Due to the illegal nature of the transactions, precise statistics are not available and it is therefore impossible to produce a definitive estimate of the amount of money that is globally laundered every year. The ...
Often linked in legislation and regulation, terrorism financing and money laundering are conceptual opposites. Money laundering is the process where cash raised from criminal activities is made to look legitimate for re-integration into the financial system, whereas terrorism financing cares little about the source of the funds, but it is what the funds are to be used for that defines its scope.