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Finance leaders say FATF standards broaden offense's scope
The finance ministers of the Group of 7 (G-7) industrialized nations have said they welcome action by the international Financial Action Task Force (FATF) to create a stronger framework for combating global money laundering.
FATF's revision of its recommended standards "significantly enhances the standard for customer due diligence, broadens the scope of the money laundering offence, improves transparency of legal persons and arrangements and strengthens international cooperation and suspicious transactions reporting," the ministers said in a June 20 press release.
FATF originally passed money laundering standards in 1990 to combat the misuse of financial systems by persons laundering drug money. In 1996 the recommendations were revised to reflect evolving money laundering methods.
FATF, based at the Organization for Economic Cooperation and Development (OECD) in Paris, comprises 33 members -- 31 countries, including the United States, the European Union and the Gulf Cooperation Council -- and more than 20 observers.
The G-7 comprises Canada, France, Germany, Italy, Japan, the United States and the United Kingdom. The group announced its support on the same day FATF announced the revised recommendations.
Following is the text of the G-7 press release
Friday, June 20, 2003
Statement by G7 Finance Ministers
Revision of the Financial Action Task Force 40 Recommendations
We welcome the Financial Action Task Force (FATF) revision of its 40 recommendations, which set the international standard in the fight against money laundering and terrorist financing.
This new standard represents a crucial step forward in the international fight against financial crime. The revision of the FATF 40 recommendations significantly enhances the standard for customer due diligence, broadens the scope of the money laundering offence, improves transparency of legal persons and arrangements and strengthens international cooperation and suspicious transactions reporting. It also enlarges the scope of non-financial professions and businesses involved in this collective effort.
We strongly endorse these new recommendations and reaffirm our commitment to taking early steps towards complying with this revised standard and to promoting its world-wide implementation.
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