The Financial Action Task Force, a global financial crime watchdog is set to release three reports highlighting the methods that money launderers and terrorists can employ to exploit trade and electronic commerce and facilitate weapons proliferation.
The Paris-based Financial Action Task Force (FATF) said Thursday that the global financial community should regard transactions involving Iran, Uzbekistan, Pakistan, Turkmenistan, Northern Cyprus and São Tomé and Príncipe as high risks for money laundering.
An international anti-money laundering and counterterrorist financing watchdog is considering whether to take action against Iran for weaknesses identified in the country's AML laws.
In its 18th annual report, the organization that sets global anti-money laundering standards noted its accomplishments in the past year and identified new objectives.
The Financial Action Task Force identified key elements of gauging geographic and other risks and of defining acceptable threat levels to aid governments and financial institutions adopting a risk-based approach to their anti-money laundering programs.
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