What is FATF typology?
The Proliferation Finance Typology Project develops an understanding of the issues surrounding proliferation financing and provides information that can be used by the FATF to assess the need for policy measures to counter proliferation financing.
How many categories are there in FATF?
As of 2021 there are 9 “FATF-style regional bodies” that are associate members of the FATF: Asia/Pacific Group on Money Laundering (APG) Caribbean Financial Action Task Force (CFATF) Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
What is FATF and GREY list?
What is the grey list, and why is Pakistan on it? Grey listing means FATF has placed a country under increased monitoring to check its progress on measures against money laundering and terrorism financing. The “grey list” is also known as the “increased monitoring list”.
What is FATF methodology?
The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process. Assessments focus on two areas, effectiveness and technical compliance. The emphasis of any assessment is on effectiveness.
What is typology in anti money laundering?
What Is a Typology? A typology within cryptoassets is a classification that’s ascribed to a certain type of behaviour within the cryptoasset markets. Common typologies are those related to money laundering, each one representing a different level of risk within a transaction.
What are the three objectives of FATF?
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
What are 40 recommendations of FATF?
The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.
What countries are GREY?
As of March 2022, the FATF greylist included the following countries:
- Albanias.
- Barbados.
- Burkina Faso.
- Cambodia.
- Cayman Islands.
- Haiti.
- Jamaica.
- Jordan.
Which country has been removed from GREY list?
Pakistan
The global financial watchdog, the Financial Action Task Force (FATF) has removed Pakistan from its Grey List. The decision was taken by the FATF hybrid plenary meeting which met in Berlin and was the final one under the two-year Germany Presidency of Marcus Pleyer.
What are the key components of FATF?
This used to be the main focus of FATF, and FATF still requires the legal framework to be in place….The stages in this process are as follows:
- Assessor training.
- Country training.
- Selection of assessors.
- Technical compliance.
- Scoping.
- On-site visit.
- Report drafting.
What are the FATF standards?
The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing: they increase transparency and enable countries to successfully take action against illicit use of their financial system.
What are GREY list countries?
The “grey list” is composed of countries with a high risk of money laundering and terrorism financing but which have formally committed to working with the task force to make changes.
What is white list country?
1. a list of countries considered to pose an insignificant threat to human rights, from which applications for political asylum are presumed to be unfounded.
Which country is in black list?
Only two countries have been listed under the ‘Black List’: Iran and North Korea.
Is Pakistan in GREY list?
The Paris-based watchdog had included Pakistan in its “Grey List” — a list of countries that have strategic deficiencies in their regimes to counter money laundering, terror financing and proliferation financing, but which have formally committed to working with the task force to make changes under increased …
Is Pakistan removed from FATF grey list?
“Pakistan is not being removed from the gray list today. The country will be removed from the list if it successfully passes the on-site visit.”
What are the 3 categories of money laundering?
Money laundering has three stages: placement, layering, and integration.
What is the full form AML in insurance?
Anti-Money Laundering / KYC Compliance in Health Insurance Claims. IRDA has revised the Anti-Money Laundering (AML) guidelines applicable for General Insurers vide its circular no.
Is Pakistan out of GREY list?
“Pakistan is not being removed from the Grey List today. It will be removed if the on-site visit finds that its actions are sustainable,” outgoing FATF president Marcus Pleyer said. He said a formal announcement on Pakistan’s removal would follow an on-site inspection, which would be conducted before October.
What are the FATF reports?
FATF Report. Financial flows linked to the production and trafficking of Afghan opiates (June 2014) FATF Report. Risk of Terrorist Abuse in Non-Profit Organisations (June 2014) FATF Report. Illicit Tobacco Trade (June 2012) FATF Report. Specific Risk Factors in Laundering the Proceeds of Corruption. Assistance to Reporting Institutions (June 2012)
What is the latest FATF report for virtual assets?
FATF Report. Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing (September 2020) FATF Report. Terrorist Financing Risk Assessment Guidance (July 2019)
What is the APG typologies report on trade-based money laundering (tbml)?
The Asia/Pacific Group (APG) Typologies Report on Trade-Based Money Laundering aims to update and extend the FATF study to identify current methods and techniques as well as to consider why so few TBML case investigations or prosecutions have been undertaken since the 2006 report.