FATF Adds China as Member, Issues First Joint Guidance with Private Sector in Busy Year

By Brian Monroe

The Financial Action Task Force, the global anti-money laundering (AML) watchdog, last year accepted China as its first new member in four years, released six reports on money laundering and terrorist financing trends and dropped the final two countries remaining on a list of nations that don't cooperate with global standards. In its 18th annual report, released Wednesday, the Paris-based FATF also noted that the group issued its first guidance formulated with the help of private companies and individuals: tips on how financial institutions can implement a risk-based AML program. The organization said it made significant progress during the year...