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Leaked Cables, Banking Groups Raise Questions About FATF’s Mutual Evaluations
By Brian Monroe
printCritics of an influential organization that sets international standards on anti-money laundering and counterterrorism financing compliance are questioning whether it evaluates its members fairly. In comment letters, the British Bankers Association and the International Bar Association have asked the Paris-based Financial Action Task Force to rethink its mutual evaluation process as the intergovernmental group weighs broad revisions to its recommendations. The organization, known as FATF, is expected to announce any changes in February. The groups said in the January letters that FATF's mutual evaluations were politically influenced, and called on the intergovernmental group to shorten its review process and better...
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