Ethics and governance in the European Financial centers

The Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing was developed by the FATF in close consultation with representatives of the international banking and securities sectors. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level principles involved in applying the risk-based approach, and indicates good public and private sector practice in the design and implementation of an effective risk-based approach

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The FATF held a plenary meeting in Paris, France, from 27 to 29 June 2007. The meeting was chaired by the FATF President, Mr Frank Swedlove. Key outcomes from the meeting include: welcoming the People's Republic of China as the FATF's newest member; guidance for the private sector and governments on combating money laundering and terrorist financing; reports on the anti-money laundering and counter-terrorist financing systems of China, Greece and the United Kingdom; and, 2 new studies on money laundering and terrorist financing methods (through real estate and related to drug trafficking in Central Asia).

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[Strasbourg, 14/06/2007]

The Group of States against corruption - GRECO has this week published its Seventh General Activity report (2006) which was presented yesterday to the Committee of Ministers by GRECO’s President, Mr Drago KOS (Slovenia).

The report provides details of GRECO’s operation during 2006 and of its co-operation with other international players. GRECO presents information about its First and Second Evaluation Rounds and about the preparation of the Third Round which was launched in January 2007. The Third Round deals with two distinct themes, i.e. the incriminations provided for in the Criminal Law Convention on Corruption (ETS 173), its Additional Protocol (ETS 191) and Guiding Principle 2 of Resolution (97) 24, and the transparency of party funding (Recommendation Rec(2003)4).

An entire chapter devoted to the protection of “whistleblowers”, based also on GRECO’s second round evaluations, provides some interesting pointers for countries which are considering adopting measures to enhance the protection of persons who report acts of corruption in public administration or to create a whistleblowing culture.

During the course of 2006, four new members joined GRECO: Austria, the Republic of Montenegro, Switzerland and Ukraine. Following the accession of the Russian Federation to GRECO in February 2007, the group now has 44 member States.

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