Financial Action Task Force on Money Laundering
The Financial Action Task Force (on Money Laundering) (FATF, "Working Group for Financial Measures (Against Money Laundering)", French Groupe d'Action financière , GAFI ) is the name of the Working Group on Measures to Combat Money Laundering and Terrorist Financing . The FATF sees itself as a leading international body for combating money laundering , in particular so-called triangular transactions , and terrorist financing and is based at the OECD in Paris . It is also increasingly expanding its activities in the area of proliferation financing.
The organization was headed from July 2019 to June 2020 by President Xiangmin Liu from the People's Republic of China, Germany provided the Vice President in the person of Marcus Pleyer from July 2019 to June 2020. Marcus Pleyer, Ministerial Director at the BMF , has held the post of President of the FATF since July 1, 2020 . The president's term of office has been two years since July 2019, previously it was one year. The Mexican Elisa de Anda Madrazo has been the Vice President from July 1, 2020 to June 30, 2021.
Previous presidents were:
- 2018–2019 Marshall Billingslea, USA
- 2017–2018 Santiago Otamendi, Argentina
- 2016–2017 Juan Manuel Vega-Serrano, Spain
- 2015–2016 Je-Yoon Shin, Korea
- 2014–2015 Roger Wilkins AO, Australia
- 2013–2014 Vladimir Nechaew, Russian Federation
- 2012–2013 Bjørn Skogstad Aamo, Norway
- 2011–2012 Giancarlo Del Bufalo, Italy
At their summit meeting in July 1989 in Paris , affiliated with the Organization for Economic Cooperation and Development ( OECD ), the heads of state of the G7 countries and the President of the European Commission set up the FATF as a group of experts with the task of investigating the methods of money laundering analyze and enable the detection of assets of illegal origin. The FATF is independent of the OECD in its working methods and acts as an independent international body. The FATF's mandate was temporarily extended at the ministerial meeting in Washington in April 2019. It is by far the most important body in its field of activity.
The FATF has been developing recommendations since 1990 and, after September 11, 2001, supplemented them with a further nine special recommendations on combating the financing of terrorism, so that the FATF currently issues a total of 40 recommendations. The recommendations are often used as a basis for national laws in the member states. The World Bank , the International Monetary Fund and the United Nations Security Council have recognized these recommendations as international standards, although they do not constitute directly binding law ( soft law ). Most recently, in resolution 2462 on March 28, 2019, the United Nations Security Council called on all countries to comply with the FATF recommendations and underlined the importance of the organization for the international community
In addition, the individual states receive evaluations of the national strategies and their implementation. Linked to this are proposed measures, the implementation of which will be monitored. The Federal Republic of Germany will be re-examined in the fourth evaluation round from 2020 to 2021.
Since June 2000, the Task Force has also published a list of NCCT countries (non-cooperative countries and territories) and regions that have shown themselves to be uncooperative in the fight against money laundering due to a lack of legislation or poor implementation (see also: EU list of non-cooperative countries and territories) cooperative tax areas ).
In 2000, the Philippines were also on the list and was referred to as an "uncooperative state". In order to avoid formal sanctions and to be removed from the FATF's "black list", the central bank Bangko Sentral ng Pilipinas sought a legislative procedure that would make money laundering criminal and the establishment of an anti-money laundering authority called for by the FATF, initiate. This legislative process turned out to be difficult in Congress, however, as some central bank MPs accused the central bank of abuse of office to spy on private bank accounts. It was also feared that this would uncover money laundering of illegally acquired assets by banks. This debate lasted for nearly a year. Finally, in September 2001, the Anti-Money Laundering Act was passed , including the establishment of an Anti-Money Laundering Council under the direction of the Central Bank and the Securities and Exchange Commission for the Control of Securities Trading (SEC) . In the following two years these laws were expanded until the Philippines was finally removed from the FATF's "black list" in early 2005.
Pakistan is currently on the list. If the proposed measures are not taken in time, countermeasures may be imposed
In order to ensure the standards of the FATF also apply in non-OECD countries, the FATF works closely with various regional groups it has initiated, which report to the FATF on their activities (FATF-Style-Regional-Bodies; FSRB).
The main objective of the FATF is to develop and promote principles for combating money laundering and the financing of terrorism. For this purpose, the FATF has adopted 40 recommendations as minimum standards. Their implementation is regularly checked in the member states and, if deficits are identified, measures are proposed.
The FATF publishes a list of the so-called NCCT countries (non-cooperative countries and territories) . With their legislation and money laundering measures, these countries do not (yet) meet the international standard set by the FATF. Banks must therefore carefully monitor financial transactions with these countries, which can have serious economic consequences.
The Group of Twenty industrialized and developing countries has the G20 summit in Buenos Aires in 2018 who decided crypto assets to combat money laundering and terrorist financing in line with the FATF standards to regulate and consider further measures if necessary into consideration. In its meeting in June 2019, the FATF subsequently decided on corresponding standards.
39 states and two international organizations have currently joined the FATF:
- European Commission , see also Regulation (EC) No. 1781/2006 (Money Transfer Regulation)
- Golf Cooperation Council
- People's Republic of China
- Hong Kong
- Israel since December 10, 2018
- South Korea
- Netherlands with Aruba , Curaçao and Sint Maarten .
- New Zealand
- South Africa
- Saudi Arabia
- United Kingdom
- United States
FATF-Style Regional Bodies (FSRBs)
- APG - The Asia / Pacific Group on Money Laundering
- CFATF - Caribbean Financial Action Task Force
- Moneyval - The Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Landering Measures (Committee of Experts for the Assessment of Anti-Money Laundering Measures and the Financing of Terrorism at the Council of Europe )
- GAFISUD - The Financial Action Task Force on Money Laundering in South America
- MENAFATF - Middle East and North Africa Financial Action Task Force
- EAG - Eurasian Group
- ESAAMLG - Eastern and Southern Africa Anti-Money Laundering Group
- GIABA - Intergovernmental Action Group against Money-Laundering in West Africa (GIABA)
- GABAC - Groupe d'Action against le blanchiment d'Argent en Afrique Centrale
- Sebastian R. Müller: Hawala . An Informal Payment System and Its Use to Finance Terrorism. VDM Verlag Dr. Müller, Saarbrücken 2006, ISBN 978-3-86550-656-6 (also diploma thesis at the University of Freiburg im Breisgau 2004, English ).
- Official website (English / French)
- Financial Action Task Force on Money Laundering - FATF website of BaFin , accessed on June 17, 2017
- The Financial Action Task Force website of the Swiss Financial Market Supervisory Authority FINMA, accessed on June 17, 2017
- https://www.fatf-gafi.org/publications/mutualevaluations/documents/fatf-methodology.html .
- https://thediplomat.com/2019/06/pakistan-and-the-fatf-on-borrowed-time .
- Declaration by the G20 leaders: G20 Leaders' declaration Building consensus for fair and sustainable development ( Memento of December 3, 2018 in the Internet Archive ). Retrieved December 3, 2018 (PDF).
- Israel appeals to French Minister of Justice. In: Israelnetz .de. December 10, 2018, accessed December 28, 2018 .