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FATF proposes new initiatives to combat financial crimes

Business Materials 24 February 2012 16:54 (UTC +04:00)
The Financial Action Task Force Against Money Laundering (FATF) has updated recommendations on combating money laundering in the fight against financing terrorism
FATF proposes new initiatives to combat financial crimes

Azerbaijan, Baku, Feb. 24 / Trend A.Hasanov /

The Financial Action Task Force Against Money Laundering (FATF) has updated recommendations on combating money laundering in the fight against financing terrorism, the Financial Monitoring Service reported on Friday.

FATF recommendations in the new edition have been adopted at the regular plenary session on Feb. 15-17.

"According to the new recommendations of the FATF 40 +9, international standards on combating laundering of money and other property, the financing of terrorism and the proliferation of weapons of mass destruction, will be called FATF Recommendation 40," the statement said.

Updating the standards will further strengthen global mechanisms for protecting against existing and potential threats.

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