FATF & APG Assessment of Anti-Money Laundering and Counter-Terrorist Financing in US
On the 23rd of June 2006, the Financial Action Task Force (FATF) and the Asia Pacific Group on Money Laundering (APG) have made the 3rd mutual evaluation report that assessed anti-money laundering (AML) and counter-terrorist financing (CFT) standards in the United States.
The report provides a description and analysis of measures taken by the US regarding the problem as well as the ratings of the US’ compliance with the FATF 40+9 Recommendations (which were discussed in the FATF 40 Recommendations post).
All in all, the Report reveals that the US has strengthened its overall AML/CFT measures since its last mutual evaluation in June 1997 and that the United States of America authorities are strongly aimed at identifying, disrupting, combat and preventing money laundering and terrorist financing networks. The efforts implemented by the authorities have reached very impressive results. So, according, to FATF report, US AML/CFT systems are very effective, nevertheless, there are still some concerns related to some specific requirements for customer due diligence, the availability of corporate ownership information and the requirements to some non-financial businesses and professions.
The US is the 9th country to be examined in the 3rd series of FATF mutual evaluations of its members.