PARIS—While countries around the world have made “huge progress” in tackling money laundering, there remains considerable work to be done, according to the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog that has published a report on the state of effectiveness of and compliance with the FATF anti-money laundering standards.
“Overall, the report finds that the countries have made huge progress in improving technical compliance by establishing and enacting a broad range of laws and regulations to better tackle money laundering, terrorist and proliferation financing,” the report states.
According to FATF, 76% of countries have “satisfactorily” implemented the FATF’s recommendations, compared to 36% in 2012. The FATF attributes this rise in part to the implementation of the FATF mutual evaluation process, which involves a comprehensive and objective assessment of the degree to which a country has adopted the FATF recommendations, CoinGeek said.
About the Guide
The FATF standards and recommendations guide the development of countries’ legislative framework for combating money laundering and terrorist financing. Though not legally binding, they are highly influential on member countries and failure to implement the standards can land a country on the FATF’s “non-cooperative countries or territories” list, inviting further scrutiny from member countries, CoinGeek said in its analysis.
Despite the growth in satisfactorily compliant jurisdictions in the past 10 years, the FATF report distinguishes between “technical” compliance and “effectiveness.” While 76% of countries are technically compliant, effectiveness sits at just 21%, indicating there is much more work to be done.
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