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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.