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FATF’s Call for National Assessments Will Be a High Hurdle for Some
By Brian Monroe
printSome jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts. In March, the Paris-based Financial Action Task Force (FATF) outlined how it expects jurisdictions to evaluate themselves under 2012 revisions to the group's anti-money laundering (AML) and counterterrorist financing standards. Under its first of forty recommendations, FATF asks that countries "identify, assess and understand" their particular vulnerabilities. The national assessments will entail assigning steering committees to direct top-down reviews on an "ongoing basis," according to the recommendation. In the guidance, the group...
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