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Anti-Money Laundering / Counter Terrorist Financing

IBFed responds to the FATF Fourth Round of Mutual Evaluations paper  -20/09/11

IBFed has responded to the second public consultation from the Financial Action Task Force (FATF) on the Fourth Round of Mutual Evaluations.
While welcoming the FATF's collaboration with the private sector and the changes made since the first consultation paper, we set out thoughts in a number of areas. Including concerns relating to beneficial ownership, data protection, group-wide compliance programmes, wire transfers, targeted financial sanctions in the terrorist financing and proliferation financing contexts, the Financial Intelligence Unit  and international cooperation.

The IBFed letter is available here.

 

IBFed Comments on FATF Project on Financial Inclusion – 20/4/11

The IBFed has responded to the FATF First Draft Guidance Paper on Financial Inclusion.  In responding, IBFed expressed its support for the project that intended to help bring individuals and entities into the supervised and regulated financial system while simultaneously eliminating the need for a black market economy.  IBFed also underlined the need for domestic authorities to take the final steps to adapt the FATF guidance to ensure individuals and entities are included in the financial system.  IBFed will continue to work with FATF as the project moves forward.

 

IBFed Financial Crime Working Group Comments on Draft FATF Guidance Paper on AML/CTF and Financial Inclusion – 20/1/11

The IBFed Financial Crime Working Group has provided the Financial Action Task Force (FATF) with practical observations on its draft Guidance Paper on AML/CTF and Financial Inclusion.  In doing so, IBFed expressed support for efforts to promote financial inclusion and stressed that AML/CTF should not impose specific rigid mandates on individual countries or individual financial institutions.  The guidelines need to permit individual countries and financial institutions to assess risks and take steps to control those risks when experimenting with ways to reach new markets.

The IBFed response is available here.

 

Responding to FATF Fourth Round of Mutual Evaluations paper – 12/1/11

IBFed has responded to a request for comments from the Financial Action Task Force (FATF) on the Fourth Round of Mutual Evaluations consultation paper.  In responding, IBFed reiterated its continuing support for the development of an efficient and effective set of recommendations to detect and deter money laundering and terrorist financing.  IBFed’s comments provide practical measures covering a wide range of compliance issues such as the Risk-Based Approach, Scope of the Criminal Offence of Money Laundering, Customer Due Diligence (CDD), Politically Exposed Person (PEPs) and Third Party Reliance.

Here is the IBFed response and the FATF consultation paper is available here.

 
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