What is Money Laundering ? - Topic 3: What is FAFT ? | |||
What is FAFT ?
The forty Recommandations on Money Laundering:
The FAFT issued the Forty Recommandation on Money Laundering in 1990. Updates are issued in 1996 and 2003. Among other recommandations, FAFT requiered states : - Criminalize money laundering ; - Seize property to prevent further money laundering, - Undertake Customer Due Dilligence (CDD) measures, - Use enhanced due diligence in relastionship with Politically Exposed Persons (PEPs), - Gather information about offshore institutions when conduction cross-border transactions, - Create a Financial Intelligence Unit (FIU) for reporting suspicious transactions and to investigate suspected cases in money laundering, - Monitor opérations to ensure compliance with AML législation, - Provide the authorities combatting money laundering and terrorist financing with appropriate financing, humain and technical support.
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