What is FATF compliance?
What is FATF compliance?
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
Is India FATF compliant?
India is not currently on the FATF List of Countries that have been identified as having strategic AML deficiencies. According to that Evaluation, India was deemed Compliant for 4 and Largely Compliant for 25 of the FATF 40 + 9 Recommendations.
Which countries are blacklisted by FATF?
As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran. The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows….February 2012 statement
- Bolivia.
- Cuba.
- Ethiopia.
- Ghana.
- Indonesia.
- Kenya.
- Myanmar.
- Nigeria.
What is meant by GREY list?
Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.
Who runs FATF?
Marcus Pleyer
Dr. Marcus Pleyer of Germany assumed the position of President of the FATF on 1 July 2020. He succeeded Xiangmin Liu of the People’s Republic of China.
Who controls FATF?
Financial Action Task Force
| Abbreviation | FATF |
|---|---|
| Region served | Europe |
| Membership | 38 |
| Official language | English, French |
| President | Marcus Pleyer |
What is Greylist and blacklist?
Black List: Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. The FATF revises the blacklist regularly, adding or deleting entries. b. Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list.
Is UAE a FATF country?
Although the Gulf Cooperation Council (GCC) is a full Member of the FATF, five of the individual Member countries of the GCC (Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates) are not. Saudi Arabia is an FATF member since June 2019.
How many members are there in FATF?
39 members
There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.
How do you assess compliance with the FATF Recommendations?
The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process. Assessments focus on two areas, effectiveness and technical compliance. The emphasis of any assessment is on effectiveness.
What is the Financial Action Task Force (FATF)?
The Financial Action Task Force (FATF) can be seen as the international standard-setter in the fight against terrorist financing and money laundering. It was established in 1989, by a Group of Seven (G-7) Summit held in Paris.
What is the FATF travel rule for crypto companies?
The Financial Action Task Force (FATF) Travel Rule requires businesses to collect and share the personal data of participants in a transaction. Initially, the Travel Rule only applied to banks. However, in 2019, the FATF extended this rule to crypto companies.
What is FATF Recommendation 16?
The Travel Rule is the common name for FATF Recommendation #16 on combating money laundering. It requires both financial institutions and crypto companies—otherwise known as Virtual Asset Service Providers (VASPs)—to collect personal data on participants in transactions exceeding 1,000 USD/EUR.
