For over 20 years, the Financial Action Task Force (FATF) has developed international standards to fight anti-money laundering (AML) and terrorist financing.1 One of its signature works has been its Forty Recommendations, first released in 1990, on fighting money laundering. The Recommendations later were expanded to encompass the financing of terrorism and the proliferation of weapons of mass destruction (WMD).
After an extensive review, in February the task force released the latest revisions of the Recommendations, the “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation.” This month’s column will review the history of the Recommendations and discuss the significant aspects of the 2012 version. Banks operating internationally should be aware of the revised Recommendations and be ready for possible operational adjustments that might be necessary in order to meet the new and revised standards contained therein.
A Little History
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