The Financial Action Task Force (FATF) is the international regulator of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) drive around the world. It sets international standards that aim to prevent these illegal activities and the harm they cause to society. FATF has issued a set of recommendations that serve as the building blocks of AML CFT laws around the world (attached). The 40 Recommendations are divided into seven distinct areas:
- AML/CFT Policies and coordination
2. Money laundering and confiscation
3. Terrorist financing and financing of proliferation
4. Preventive measures
5. Transparency and beneficial ownership of legal persons and arrangements
6. Powers and responsibilities of competent authorities and other institutional measures
7. International cooperation
Various regulators in UAE (CBUAE, MOE, DFSA, FSRA, etc) have issued robust legal and regulatory frameworks for both financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs).
To date, the following countries have signed up as members of FATF:
| Argentina | Italy |
| Australia | Japan |
| Austria | Korea |
| Belgium | Luxembourg |
| Brazil | Malaysia |
| Canada | Mexico |
| China | Netherlands |
| Denmark | New Zealand |
| European Commission | Norway |
| Finland | Portugal |
| France | Russian Federation * |
| Germany | Saudi Arabia |
| Greece | Singapore |
| Gulf Co-operation Council | South Africa |
| Hong Kong, China | Spain |
| Iceland | Sweden |
| India | Switzerland |
| Indonesia | Türkiye |
| Ireland | United Kingdom |
| Israel | United States |
* FATF suspended membership of the Russian Federation on 24 February 2023
For your #AML / #CFT queries please reach out to us on support@szca.ae.
