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FATF encourages countries to pay particular attention to business relations with Iran and North Korea

Business Materials 5 July 2011 10:22
Financial Action Task Force (FATF) updated its Public Statement on the countries having strategic incompliance in anti-money laundering and combating the financing of terrorism field (AML/CFT) and seriously endangering international financial system.
FATF encourages countries to pay particular attention to business relations with Iran and North Korea

Azerbaijan, Baku, July 5 / Trend A.Akhundov /

Financial Action Task Force (FATF) updated its Public Statement on the countries having strategic incompliance in anti-money laundering and combating the financing of terrorism field (AML/CFT) and seriously endangering international financial system.

This decision was adopted at the joint plenary session of FATF and GAFISUD, South American regional FATF body in Mexico city, Mexico on June 22-24, 2011, the Central Bank of Azerbaijan (CBA) reported.

FATF related Islamic Republic of Iran and Democratic People's Republic of Korea to such countries, invited them to eliminate the existing strategic incompliance in AML/CFT field, as well as recommended the world countries to pay special attention to business relations and transactions of their financial institutions with Islamic Republic of Iran and North Korea, and physical persons and legal entities of these countries.

FATF is established in Paris Summit of the Great 7 (G7) in 1989. Presently FATF has 36 members, 34 of them are States and 2 are regional organizations. FATF establishes international standards on AML/CFT, independently evaluates application of the standards by members States and makes legally binding decisions for the States.

In April 1990, FATF presented a report containing 40 Recommendations playing the role of a comprehensive AML/CFT action plan. In 2001, development of standards on combating the financing of terrorism was added to FATF mandate. In October of the same year, 8 Specific Recommendations on combating the financing of terrorism were developed and adopted. In October 2004, one more recommendation was added to the 8 Specific Recommendations on combating the financing of terrorism. Presently, these recommendations are known as FATF's 40+9 Recommendation

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