From the AEGIS e-Journal, Volume 15 Number 3, March 2012
On 16 February 2012, the Financial Action Task Force (FATF), the global standard setting body for anti‐money laundering and combating the financing of terrorism (AML/CFT) , published the following public documents, identifying countries with strategic deficiencies regarding anti‐money laundering and combating the financing of terrorism (AML/CFT). • FATF Public Statement on jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies The FATF has updated its public statement issued in October 2011 which identifies jurisdictions with strategic anti‐money laundering and combating the financing of terrorism (AML/CFT) deficiencies. Improving Global AML/CFT Compliance: on‐going process
As part of its ongoing review of compliance with the AML/CFT standards, the FATF has identified jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Key recommendation areas to take particular note include:
• Assessing Risk and Applying a Risk Based Approach (Recommemdation 1) • Targeted Financial Sanctions Related to Proliferation (Recommendation 7) • Due Diligence (Recommendations 10 and 22) • Politically Exposed Persons (Recommendation 12) • Wire Transfers (Rcommendation 16) • Transparency and Beneficial Ownership of Legal Persons (Recommendation 24) • Responsibilities of Law Enforcement and Investigative Authorities (Recommendation 30)
Please be sure to review the Interpretive Notes as well as these will provide valuable insight in understanding these revised regulations.
While this may initially appear to be 127 pages of mind‐numbing stuff, we honestly expect that this more strident set of objectives will be used in the regional country specific reviews to try to clarify anti‐money laundering objectives and to get all countries on more of a level playing field.
http://www.fatf‐gafi.org/dataoecd/49/29/49684543.pdf
http://www.fatf‐ gafi.org/document/18/0,3746,en_32250379_32236992_49694738_1_1_1_1,00.html
Read and enjoy ‐‐‐ ok, well maybe not “enjoy”… but you do need to read it.
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•• ÆGIS is supported and maintained by voluntary efforts. This publication is owned, published, and copyright © 2012 by The Aegis Journal, LLC. It is edited jointly by L. Burke Files (LBFiles@feeinc.com), Gregg Lowney (Greg@feeinc.com) and Shaun Hassett (SHassett@feeinc.com).
Financial Examination & Evaluations, Inc. (FEE, Inc.) provides services in three areas, too specialized to be dealt‐with in‐house, that can adversely affect domestic and international bottom lines.
• International asset location and due diligence. • Anti-money laundering, financial fraud, and anti-corruption program development and training. • Risk Assessment and statutorily mandated AML independent examinations and program reviews for financial institutions and gatekeepers. • Risk Assessment and Independent Review of OFAC or other Sanctions- related Compliance Programs. • Investigation and location of missing or concealed assets, related to fraud, theft, and divorce. • Due Diligence to prevent fraud and loss, as well as validate potential business partners, counterparties or potential business acquisition or merger targets. FEE, Inc. has significant expertise in performing Due Diligence in China, Central and Eastern Europe, Central and Southern Asia, the offshore financial centers, Latin America, and the Caribbean. • Identification, valuation, and protection of intellectual assets and critical information. • American businesses lose more than $300 billion in revenues annually to competitive intelligence, economic espionage, inappropriate disclosure, and information theft. • FEE, Inc. provides private sector consulting access to OPSEC, the government-standard process for identification, valuation, and protection of intellectual property and critical information. • Implementing an OPSEC program is likely to increase revenues for an at- risk operating group by $75 million. • Protection of executive management, staff, and families. • In the high-threat environments of Latin America, Africa, the Mid-East, and Southeast Asia. • When traveling or living overseas • When transporting items of substantial value.
FEE, Inc. identifies and quantifies threats and vulnerabilities, and their associated risk, then manages the vulnerabilities so you can transfer or live with the residual risk. We prevent disastrous financial loss to your company, and physical harm to you, your family, and your staff. For more information please visit Financial Examinations & Evaluations, Inc..
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Please be safe, and be smart.