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Basel Committee issued a Consultative Document “Sound Management of Risks Related to Money Laundering and Financing of Terrorism”.
by tariq ali - Monday, 23 September 2013, 12:34 PM
 

The Basel Committee on Banking Supervision has issued new guidelines, whose main aim is to describe how banks should include money laundering (ML) and financing of terrorism (FT) risks within their overall risk management. The Committee’s intention in issuing this paper is to support countries’ implementation of the FATF standards with respect to their banks and banking groups, by exploring complementary areas and leveraging the expertise available in both organisations. Therefore, these guidelines are intended to be consistent with and to supplement the goals and objectives of the FATF standards.

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FATF Revised 40+9 Recomendations To Combat Money laundering & Terrorism Financing
by tariq ali - Sunday, 19 February 2012, 05:49 AM
 

The Financial Action Task Force (FATF) has revised its 40 + 9 recomendations after 2 years of efforts by member countries. The revised  Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based  approach.

The main changes are:
Combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN Security Council.
Improved transparency to make it harder for criminals and terrorists to conceal their identities or hide their assets behind legal persons and arrangements.
Stronger requirements when dealing with politically exposed persons (PEPs).
Expanding the scope of money laundering predicate offences by including tax crimes.
An enhanced risk-based approach which enables countries and the private sector to apply their resources more efficiently by focusing on higherrisk areas.
More effective international cooperation including exchange of information between relevant authorities, conduct of joint investigations, and tracing, freezing and confiscation of illegal assets.
Better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing. Read Revised Recomendations

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FATF Identified Risky Countries- 28 Oct,2011
by tariq ali - Saturday, 19 November 2011, 12:53 PM
 

Paris, 28 October 2011 -  The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. Read Full Report

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FATF Identifies Jurisdictions with strategic deficiencies
by tariq ali - Sunday, 24 October 2010, 09:22 AM
 

Paris, 22 October 2010 - The Financial Action Task Force (FATF) in order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, identified jurisdictions that have strategic deficiencies that pose a risk to the international financial system. The FATF and the relevant FSRBs will continue to work with the jurisdictions below and report on their progress. Click here to read full report.

Related Topic: Improving Global AML/CFT compliance.  Read more

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Money Laundering Risk
by tariq ali - Monday, 22 March 2010, 05:00 AM
 
Money laundering risks have increased / decreased in economic crisis ?
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The Answer to Fixing the Financial Crisis? Restore Regulation
by tariq ali - Monday, 22 March 2010, 04:59 AM
 

Why didn't Wall Street firms tell potential investors that the bonds they were selling them were rotten? Why did their business partners, including subprime mortgage lenders, ignore glaring evidence that borrowers weren't qualified and give loans to virtually anyone with a heartbeat?

The answer is simple: Because they could.


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