FATF 40 Recs

The 40 Recommendations worked out by the Financial Action Task Force (FATF) is a complete set of anti- money laundering measures that cover the criminal justice system and law enforcement, the financial system and its regulation as well as international co-operation regarding money laundering.

The Recommendations were initially developed in 1990 in order to combat the misuse of financial systems by criminals who launder drug money. Since then, they have been revised and updated twice – in 1996 and 2003. The updated Recommendations now apply also to terrorist financing. Nine more recommendations were added – these are Nine Special Recommendations on Terrorist Financing.

As far as different countries have different financial and legal systems, the 40 Recommendations set minimum standards for action for countries and then countries should implement some measures in accordance with their particular circumstances and legal frameworks.

The 40 Recommendations have been recognized implemented or adopted on an international level and they have been a crucial contribution to anti-money laundering all over the world.

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