FATF publishes Document on the FATF Standards in Low Capacity Countries

The Financial Action Task Force (FATF) issued a new document called Guidance on Capacity Building for Mutual Evaluations and Implementation of the FATF Standards Within Low Capacity Countries on February 28, 2008. The Guidance was published on the website on March 7, 2008.

The Guidance that is provided within this document is mainly intended to support low capacity countries (LCCs) in implementing the FATF standards in a way that would reflect their national institutional systems. The document issued by the FATF talkes into account the money laundering and terrorist financing risks that LCCs face, as well as the limited resources these countries have.

The Guidance identifies many principles, specific mechanisms and procedures that can ensure “effective prioritisation” and implementation of the FATF standards regarding anti-money laundering and counter-terrorist financing.

Along with the guidance provided in the document, the FATF recommends LCCs to use FATF Methodology, Handbook for Countries and Assessors, and FATF and FSRB Mutual Evaluation Procedures Manuals.

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