What are the FATF 40 recommendation?

What are the FATF 40 recommendation?

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

When was FATF 40 recommendations?

1990

The original FATF Forty Recommendations were drawn up in 1990 as an initiative to combat the misuse of financial systems by persons laundering drug money.

What are the FATF standards?

The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing: they increase transparency and enable countries to successfully take action against illicit use of their financial system.

What includes in financial institution?

Financial institutions encompass a broad range of business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers. Financial institutions can vary by size, scope, and geography.

What do you know about the 40 9 Recommendations of FATF?

The FATF revised the 40 and IX Recommendations.
…
IX Special Recommendations.

What is FATF 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.

Which country is blacklisted by FATF?

As of 2020, there are only two countries on the FATF blacklist: North Korea and Iran. Iran is on the list for suspicion that the state is financing terrorist organizations.
FATF (Financial Action Task Force) Countries 2022.

How many lists are there in FATF?

FATF has 2 types of lists: a. Black List: Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. These countries support terror funding and money laundering activities.

What is the difference between bank and financial institutions?

The non-banking financial institution which comes under the category of financial institutions cannot accept deposits into savings and demand deposit accounts. A bank is a financial institution which can accept deposits into various savings and demand deposit accounts, and give out loans.

What is financial institution and its types?

The most common types of financial institutions include commercial banks, trust companies investment banks, brokerage firms or investment dealers, insurance companies, and asset management funds. Other types include credit unions and finance firms.

What is 27 point action plan of FATF?

In October 2021, the FATF acknowledged Pakistan’s progress on a 27-point action plan on completion of 26 items but kept the country on its increased monitoring list to exhibit terror financing investigations against and prosecutions of top cadres of UN-designated terror groups.

How many types of FATF list?

How many countries are there in FATF GREY List 2022?

23 countries
Countries in Grey List: As of March 2022, there are 23 countries on the FATF’s increased monitoring list — officially referred to as “jurisdictions with strategic deficiencies” — that include Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen.

What happens if a country is in FATF GREY list?

Grey listing means FATF has placed a country under increased monitoring to check its progress on measures against money laundering and terrorism financing.

How many countries in black list of FATF?

A total of 14 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.

What is GREY list in FATF?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

What are 4 types of financial institutions?

The 4 most common types of financial institutions are commercial banks, brokerage firms, insurance companies, investment banks.

Why is a bank called a financial institution?

This institution collects money and puts it into assets such as stocks, bonds, bank deposits, or loans is considered a financial institution.

What is the difference between financial institution and bank?

What are two main types of financial institutions?

Banks, Thrifts, and Credit Unions – What’s the Difference? There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

What is GREY list of FATF?

How many countries are in FATF?

37 jurisdictions
Which jurisdictions are members of the FATF? 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.

Which country was removed from FATF GREY list?

If the FATF is satisfied with the progress, it removes the country from the list. The FATF most recently took Zimbabwe, and before that Botswana and Mauritius, off the grey list.

What is GREY list country?

How many FATF lists are there?

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.