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Incoming Russian FATF President Expected to Focus on Drug Trafficking, Privacy: Sources
By Colby Adams
printResolving the growing tension between data privacy restrictions and anti-money laundering laws and overseeing the next round of mutual evaluations will define Russia's stewardship of a global anti-money laundering group, say analysts. In February, the Paris-based Financial Action Task Force (FATF) disclosed how it would evaluate if countries enforce as well as pass laws to comply with the group's 40 anti-money laundering and counter-terrorist financing standards. Countries must also evaluate their own vulnerabilities and shortcomings and present their findings to FATF, under revisions adopted by the group in March. Incoming FATF president Vladimir Nechaev, who is expected to outline his...
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The world's leading financial crime watchdog will soon ask countries to further harmonize their legal structures in an effort to stop criminals from exploiting differences in jurisdictional laws.
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