PARIS—The Financial Action Task Force (FATF) said it plans to assess its member countries more frequently to assist in further in tackling money-laundering and combating terrorist financing.
FATF, which sets anti-money-laundering law standards, said it would shorten its coming fifth round of mutual evaluations to a six-year cycle, according to a report on the state of countries’ effectiveness and compliance. The current mutual evaluation is usually held around once every 10 years, The Wall Street Journal reported, citing an FATF spokesperson.
FATF’s mutual evaluations consist of peer reviews in which members from different countries assess the effectiveness and implementation of one another’s anti-money-laundering measures. FATF said the evaluations entail a description and an analysis of a country’s financial safeguards to prevent the illicit abuse of its financial system and recommendations to further strengthen it, The Journal reported.
The Next Round
For the next round of mutual evaluations, FATF said it would also focus more on each countries’ highest risks and adopt a follow-up process that would emphasize the specific actions countries need to take.
According to the report, FATF found that out of the 120 countries it has assessed so far, 76% have set up a broad set of AML rules and regulations that would enable them to “follow the money” in combating crimes and terrorism, compared with about 36% in 2012.
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