Ethics and governance in the European Financial centers

The FATF published a couple of weeks ago an updated version of the AML/CFT Methodology 2004, including the assessment criteria. This brochure is intended to guide the assessment of a country’s compliance with the international AML/CFT standards as contained in the FATF Forty Recommendations 2003 (updated as of October 2004) and the FATF Nine Special Recommendations on Terrorist Financing 2001 (updated as of February 2006). The criteria within this Methodology do not expand upon or modify the Forty Recommendations and Nine Recommendations which constitute the international standard. The Methodology is a key tool to help assessors when they are preparing AML/CFT detailed assessment reports/mutual evaluation reports. It assists in identifying the systems and mechanisms developed by countries with diverse legal, regulatory and financial frameworks, in order to implement robust AML/CFT systems. The Methodology is also useful for countries that are reviewing their own systems, including in relation to technical assistance projects.

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