Ethics and governance in the European Financial centers

The UK Chancellor of the Exchequer chaired a meeting of FATF Ministers in Washington DC a few days ago.
The Ministers discussed the work of the FATF in the international fight against money laundering and terrorist financing. They also endorsed a revised mandate for the FATF, which determines its direction and priorities between 2008 and 2012. The new mandate:

- Deepens global surveillance of evolving criminal and terrorist threats identified by the FATF;
- Responds to new threats which affect the integrity of the financial system such as proliferation finance;
- Builds a stronger, practical and ongoing partnership with the private sector which is at the frontline of the global fight against money launderers and terrorist financiers; and
- Supports global efforts to raise standards, especially in low capacity countries.

Source : FATF website

FATF new mandate

In 2007, the Money Laundering Reporting Office (MROS) received a total of 795 SARs (619 in 2006), which amounts to a 28.4 % increase over last year’s figure. It is also the third highest reporting volume observed since 1998, the year when MROS began gathering statistics on incoming SARs.

Know more

Read annual report (dated April 2008)