Events listed in The FATF Recommendations
Publication of the Wolfsberg Group-IIF joint response to the FATF’s public ...
ID 26207
The Wolfsberg Group and the IIF jointly responded to the FATF public consultation (see eventid=23946) on its Risk-Based Guidance on Recommendation 25 (Beneficial Ownership and Transparency of Legal Arrangements). The Wolfsberg Group and IIF assert that ensuring the provision of competent authorities and regulated entities with accurate, verified, and up-to-date BO information is crucial for effectively combating financial crime. They emphasize that regulated entities ...
Germany’s progress in strengthening measures to tackle money laundering and ...
ID 26129
The present „Anti-money laundering and counter-terrorist financing measures Germany, 1st Enhanced Follow-up Report“ provides an assessment of Germany’s progress in addressing technical compliance deficiencies identified in its MER by the FATF. The report was adopted by the FATF Plenary in November 2023. **The purpose of the report is to analyze Germany’s progress in improving technical compliance and to re-rate the country on specific FATF ...
The FATF Recommendations
ID 25843
The FATF has released a revised version of its Recommendations, which provide a comprehensive framework for countries to combat money laundering, terrorist financing, and proliferation financing of weapons of mass destruction. The FATF Recommendations are recognized as the international standard for combating these ML/TF/PF threats, and countries are expected to implement them through measures adapted to their particular circumstances. These **FATF Standards, which comprise . ...
Illicit Financial Flows from Cyber-enabled Fraud
ID 25725
The present FATF report on Illicit Financial Flows from Cyber-Enabled Fraud focuses on the escalating issue of CEF as a burgeoning transnational organized crime. CEF criminal syndicates exhibit intricate structures, with distinct sub-groups possessing specialized criminal expertise, notably in money laundering. These sub-groups may operate in a decentralized manner across different jurisdictions, posing challenges to investigating CEF activities. Additionally, CEF syndicates ...
Crowdfunding for Terrorism Financing
ID 25595
The present FATF report von Crowdfunding for Terrorism Financing addresses the significant and evolving international market of crowdfunding, emphasizing its susceptibility to exploitation by terrorist actors. The FATF conducted its first comprehensive international study on TF linked to crowdfunding, drawing on experiences from the FATF Global Network, industry experts, academia, and civil society. The definition of crowdfunding in this project encompasses formal crowdfundin ...
Public Consultation – FATF Risk-Based Guidance on Recommendation 25
ID 25579
The FATF has adopted amendments to Recommendation 25 on Transparency and beneficial ownership of legal arrangements. As a result, the FATF has begun updating its guidance on Recommendation 25 in order to support the implementation of these new requirements. As a reminder, the FATF Risk-Based Guidance on Recommendation 25 focuses on three key areas: Firstly, it recognizes that express trusts and similar legal arrangements ...
Wolfsberg Group Response to FATF Consultation relating to Non-Profit Organisations
ID 24680
The Wolfsberg Group, in response to the FATF’s public consultations, has expressed its feedback on the revisions to R.8/INR.8 and the BPP concerning NPOs and their vulnerability to terrorist financing abuse. The Group welcomes the revisions aimed at implementing a risk-based approach, recognizing the diversity in the risk profiles of NPOs. Concerning the placement of example measures in INR.8, they argue that their removal ...
Countering Ransomware Financing
ID 22265
The Financial Action Task Force (FATF) has published a new Countering Ransomware Financing report, highlighting the dramatic increase in financial flows related to ransomware attacks in recent years. The increase in such attacks is due to new techniques, such as targeting large, high-value entities and ransomware as a service. The report emphasizes the dire consequences of ransomware attacks, including damage and disruption to critical ...
Guidance on Beneficial Ownership of Legal Persons
ID 22223
The FATF published it Guidance on Beneficial Ownership of Legal Persons, specifying Recommendation 24 of the FATF Recommendations. As a reminder, at the March 2022 Plenary, the FATF adopted amendments to Recommendation 24, and agreed to immediately start the work to update guidance on beneficial ownership, with a view to help support the implementation of the new requirements. The FATF’s revised **Recommendation 24 requires ...
The FATF Recommendations
ID 22218
The FATF Recommendations, initially adopted by the FATF Plenary in February of 2012, have been updated by making amendments to Recommendation 25 on transparency and beneficial ownership of legal arrangements. The FATF Recommendations represent comprehensive and consistent framework of measures which countries should implement in order to combat money laundering (AML) and terrorist financing (CFT), as well as the financing of proliferation of weapons ...