FATF: Egyptian anti-money laundering systems making progress
The Financial Action Task Force (FATF) has significantly revised its core recommendations to create a "comprehensive, consistent and strengthened" international framework for combating money laundering and terrorist financing, stated the Organization for Economic Cooperation and Development (OECD).
The recommendations include more monitoring of high-risk bank customers and transactions, extending anti-money laundering measures to non-financial businesses and professions such as casinos, real estate agents, dealers of precious stones and metals, accountants, lawyers, notaries and trust company providers, and improving transparency requirements, according to a June 20 OECD press release, cited by the Washington File.
The FATF's "40 Recommendations" comprise an international anti-money laundering standard, the release noted. The FATF is an OECD-based inter-governmental body that sets standards and develops policies to combat terrorist financing and money laundering.
It is comprised of 33 members—31 countries, including the United States, the European Union and the Gulf Cooperation Council (GCC)—and more than 20 observers. The FATF has admitted South Africa and Russia as members and removed St. Vincent and the Grenadines from its list of non-cooperative countries, the release said.
The organization also listed Egypt, Guatemala, the Philippines and Ukraine as making progress in their anti-money laundering systems, it said. The World Bank and International Monetary Fund (IMF) have added the FATF recommendations to their list of accepted standards, the release said.
The FATF's original recommendations were developed in 1990 to combat the misuse of financial systems by persons laundering drug money. In 1996 the recommendations were revised to reflect evolving money laundering methods. — (menareport.com)
© 2003 Mena Report (www.menareport.com)