Financial Action Task Force (FATF)

False

False

True

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>Risk assessment process = In-depth investigation of a country's compliance with FATF recommendations Observer role = Supervising the risk assessment process Group of experts from one country = Investigating a country from another group Observer from another group = Monitoring the risk assessment process</p> Signup and view all the answers

<p>Feature 1 = Monitoring financial activities of criminals Feature 2 = Setting global standards and guidelines Feature 3 = Assessing countries' implementation of recommendations Feature 4 = Identifying high-risk countries for financial economic crime</p> Signup and view all the answers

<p>Translation of FATF recommendations into national laws and regulations = Responsibility of member countries Translation of FATF recommendations into Europe Anti Money Laundering Directives = Responsibility of European Union members Translation of Europe Anti Money Laundering Directives into national laws and regulations = European Union members' responsibility Application of guidelines by financial institutions, companies, and professions under AML laws = Expectation stated in FATF recommendations</p> Signup and view all the answers

<p>Economic stability impact = Consequences for non-compliant countries Inclusion in high-risk countries list = Placement on grey or black country list International pressure on countries = Ensuring efforts to evolve in combating financial crime Offering assistance and guidance to non-compliant countries = Aimed at compliance with FATF recommendations</p> Signup and view all the answers

<p>United Nations and Financial Intelligence Units = Conducting research on evolving methods and trends in financial crime European Union members = Translating Europe AML Directives into national laws and regulations Financial Action Task Force partners = Assisting countries in understanding risks of Financial Economic Crime Companies, professions falling under AML laws = Expectations stated in FATF recommendations</p> Signup and view all the answers

<p>Established in July 1989 = Creation reason: concern about money laundering and illegal activities Member countries include Canada, Japan, and the United States = Focus areas: money laundering, terrorist financing, preventing financing of weapons of mass destruction Member organizations include the European Commission and the Arab Gulf Cooperation Council = Primary focus: combating environmental crime financing and human rights violations More than 200 countries and jurisdictions are committed to meeting FATF requirements = Consequences for non-compliance: action can be taken by putting pressure on the country</p> Signup and view all the answers

<p>G7 countries took the initiative to establish FATF = Number of current members: about 39, including countries and two member organizations Increasing globalization of financial activities led to concerns about illegal activities = Established during a G7 summit in Paris, France Criminals were using the international financial system for illegal activities = Number of current members organizations: two Threats included money laundering facilitated by international financial system = Foundation for tackling financial economic crime worldwide</p> Signup and view all the answers

<p>G7 countries = Initiative to establish FATF European Commission and Arab Gulf Cooperation Council = Member organizations of FATF More than 200 countries and jurisdictions = Committed to meeting FATF requirements Financial criminals = Using international financial system for illegal activities</p> Signup and view all the answers

<p>Growing concern among international leaders = Reason for creating FATF Threat of money laundering and illegal activities = Basis for establishing FATF Increasing globalization of financial activities = Leading to concerns about illegal activities G7 summit in Paris, France = Location where FATF was established</p> Signup and view all the answers

<p>Combating money laundering and terrorist financing = Primary areas of focus for FATF Preventing financing of weapons of mass destruction = Additional area of focus for FATF Countering environmental crime financing and human rights violations = Expansion areas beyond money laundering and terrorist financing Putting pressure on non-compliant countries = Action taken against countries that do not meet FATF requirements</p> Signup and view all the answers

<p>Canada, France, Germany, Italy, Japan, United Kingdom, United States = Countries taking initiative to establish FATF Paris, France = Location of G7 summit where FATF was created 39 members including countries and two organizations = Current number of members in FATF Environmental crime financing and human rights violations = Areas beyond traditional focus of money laundering and terrorist financing</p> Signup and view all the answers