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FATF Reforms Review Process to Avoid ‘Egg-on-Face’ Mutual Evaluations
By Colby Adams
printA dearth of trained staff, ineffective mutual evaluations and questions raised by last year's audit of Cypriot efforts to foil financial criminals motivated an intergovernmental group's adoption this month of new quality controls. In a Feb. 14 statement, the Financial Action Task Force (FATF) said that its members and regional bodies had agreed upon universal assessment procedures "in order to ensure consistency of approach" in its current round of mutual evaluations which, for the first time, will judge actual as well as technical compliance with the group's 40 recommendations on combating money laundering and terrorist financing. Adoption of the new...
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Some 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.
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