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FATF Revises AML Standards, Blacklists
By Bennett Voyles and Brian Monroe
printThe world's top financial crime watchdog Thursday disclosed revisions to its blacklists and its widely-cited standards on combating money laundering and terrorist financing. Amendments to the recommendations of the Financial Action Task Force (FATF) include requests to better monitor transactions tied to domestic officials and to implement risk-based enforcement policies. At a press conference in Paris, FATF officials said that the changes were intended to shore up gaps left in the organization's last revision, in 2003. "We took the opportunity to consolidate and to simplify the standards as far as possible, but it is essential to note that there has...
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