IBFed welcomes new Financial Action Taskforce Guidance - 16/02/12

16 Feb 2012

Updated measures from the Financial Action Task Force to help stamp out money laundering and terrorist financing were welcomed today by the International Banking Federation as a good step forward.

The revised standards announced today by FATF reflect new threats and set out the latest practices to stamp out criminal activity in the global financial system. They were informed  by consultation with the world's major banking representative bodies, including IBFed.

The result is an increased focus on assessing risk and applying a risk-based approach to implementing controls against money laundering and terrorist financing. The standards reflect the need for flexibility, given the range of banks applying these standards and the variety of potential threats.

Sally Scutt, managing director of IBFed, said:

“The publication of the revised standards is a starting point for more in-depth dialogue. We need to assess the practical implementation of measures to combat criminal activity, particularly the risk-based customer due diligence obligations and wire transfer arrangements.

“We look forward to working with FATF and other bodies involved in the implementation phase to ensure an effective, responsive and proportionate approach to combating money launderers and those who would try to use the global financial system to finance acts of terrorism.”

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