(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS491Revision of the Financial Action Task Force 40 Recommendations
We welcome the Financial Action Task Force (FATF) revision of its 40 recommendations, which set the international standard in the fight against money laundering and terrorist financing.
This new standard represents a crucial step forward in the international fight against financial crime. The revision of the FATF 40 recommendations significantly enhances the standard for customer due diligence, broadens the scope of the money laundering offence, improves transparency of legal persons and arrangements and strengthens international cooperation and suspicious transactions reporting. It also enlarges the scope of non-financial professions and businesses involved in this collective effort.
We strongly endorse these new recommendations and reaffirm our commitment to taking early steps towards complying with this revised standard and to promoting its world-wide implementation.