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FATF : annual report

The FATF Annual Report 2006-2007 is the 18th Annual Report of the FATF. It summarises the advances made by the FATF in combating money laundering and terrorist financing during the Canadian presidency. Highlights include:
· Expansion of the global AML/CFT network.
· Admission of China as an FATF member.
· Removal of Nigeria and Myanmar from the NCCT list.
· Closer work with the private sector.
· 6 typologies reports released, on: ‘New payment methods’; ‘Misuse of corporate vehicles’; ‘Money laundering associated with (value-added tax) VAT carousel fraud’; ‘Complex money laundering techniques: a regional view’; ‘ML/TF through the real estate sector’; and, ‘Laundering the proceeds of illegal narcotics trafficking’.
· 6 mutual evaluation reports released, on the AML/CFT systems of: Greece, Iceland, the People’s Republic of China, Portugal, Turkey, and the United Kingdom.
· Updates made to the key documents underpinning the evaluation process: the ‘AML/CFT methodology 2004’; and, the ‘AML/CFT handbook for countries and assessors 2004’.
· Greater focus on the FATF’s communications strategy.

(Source : www.fatf-gafi.org)

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