A former Greek minister was arrested on Wednesday on money laundering charges, in the most high-profile case against a politician over scandals spanning decades in the debt-laden country.

Television showed images of plainclothes police officers leading Akis Tsohatzopoulos away from his luxurious neo-classical mansion at the foot of the Athens Acropolis. His purchase of the mansion prompted the investigation.

Ashgabat hosts the OSCE -supported workshop on prevention of money-laundering by applying international mechanisms, tools and best practices, OSCE said.

The five-day workshop was organized by the OSCE Centre in Ashgabat in co-operation with the OSCE Office of the Coordinator of OSCE Economic and Environmental Activities. Representatives from the Finance Ministry, Economy and Development Ministry, Ministry of Internal Affairs, General Prosecutor's Office, National Security Ministry, Supreme and Arbitration Courts, Justice Ministry, State Border Service, State Customs Service, Central Bank, State Tax Service and Foreign Ministry are attending the workshop.

In order to protect the international financial system from money laundering and terrorist financing, the FATF has published the following public documents, identifying countries with strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT).

• FATF Public Statement on jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies

The FATF has updated its public statement issued in October 2011 which identifies jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies.

• Improving Global AML/CFT Compliance: on-going process
  
  
  As part of its ongoing review of compliance with the AML/CFT standards, the FATF has identified jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.

During the review process of the FATF Recommendations, which started in June 2009, the FATF consulted broadly: through two public consultations, meetings of the FATF private sector consultative forums and more focused outreach on specific technical issues. The consultation process generated a large number of responses and a broad range of opinions. While it is impossible to respond to each and every comment, the FATF has prepared a response to the key issues raised during the consultation process.

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Since the creation of the current FATF logo, over a decade ago, the FATF has evolved significantly. The FATF has chosen a new logo to reflect this evolution.

The new FATF Recommendations provide authorities with stronger tools to act against criminals and address new threats to the international financial system.  The FATF mutual evaluation process has become a rigorous mechanism to assess how well the FATF Recommendations have been implemented.  Using the peer pressure of its members, the FATF follows up on evaluations to ensure that countries remedy identified deficiencies, and it can take action against countries that fail to implement adequate measures.

The work of the FATF and FATF-style regional bodies (FSRBs) has driven a profound change in global efforts to combat money laundering and terrorist financing.

The shape of the new logo, the shield, represents the tools with which authorities can safeguard their financial system from abuse.  The strength of the FATF's Recommendations and processes is further emphasized by the choice of colour.  The circle within the shield is a reference to the global nature of the FATF's work.  Over 180 countries are part of the FATF global network, including FATF members and the members of the FSRBs.  All have committed to fight money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

Henceforth, this will be the new official FATF logo.  The logo exists in an English, French and bilingual version. 

Source: FATF

The Financial Action Task Force, the global standard-setter in the fight against money laundering and  terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes. The revisions, made with inputs from governments, the private sector, and civil society, provide authorities with a stronger framework to act against criminals and address new threats to the international financial system.

The cost of money laundering and underlying serious crime is very large, estimated between 2 and 5% of global GDP.  The revision will enable national authorities to take more effective action against money laundering and terrorist financing at all levels - from the identification of bank customers opening an account through to investigation, prosecution and forfeiture of assets. At the global level, the FATF will also monitor and take action to promote implementation of the standards.

The revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based  approach.

Giancarlo Del Bufalo, the President of the FATF, said:

“Adoption of the revised Recommendations demonstrates countries’ shared commitment to fight money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.”

“The revised Recommendations include requirements for stronger safeguards in the financial sector, strengthened law enforcement tools  and improved international cooperation.” 

The main changes are:

• Combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN Security Council. 
• Improved transparency to make it harder for criminals and terrorists to conceal their identities or hide their assets behind legal persons and arrangements. 
• Stronger requirements when dealing with politically exposed persons (PEPs).
• Expanding the scope of money laundering predicate offences by including tax crimes.
• An enhanced risk-based approach which enables countries and the private sector to apply their resources more efficiently by focusing on higherrisk areas.
• More effective international cooperation including exchange of information between relevant authorities, conduct of joint investigations, and tracing, freezing and confiscation of illegal assets. 
• Better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing.
  
  
  Source: FATF

Under the Italian Presidency, the third FATF Plenary meeting of FATF-XXIII was held in Paris on 15-17 February 2012.

FATF Decisions

Adopting the revised FATF Recommendations: the International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation.

The FATF published the revised FATF Recommendations on 16 February.  The revisions, made with input from governments, the private sector, and civil society, provide authorities with a stronger framework to act against criminals and address new threats to the international financial system. 

• Press Release, 16 February 2012
• FATF Recommendations: The International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation (pdf, 1,7Mb)

The FATF took important new steps to protect the international financial system from abuse by:

• Producing two public documents as part of its ongoing work to identify jurisdictions that may pose a risk to the international financial system:
  • FATF Public Statement on jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies. 
  • Improving Global AML/CFT Compliance: on-going process - Jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF  
• Publishing the FATF response to the public consultations on the revision of the FATF Recommendations
• Publishing the follow-up report to the mutual evaluation report of China    
• Publishing the Best Practices Paper on sharing among domestic competent authorities information related to the financing of proliferation. 
• Welcoming the Groupe d'Action Contre le Blanchiment d'Argent en Afrique Centrale (GABAC) as an observer. 
• Providing an update on progress made by Argentina
• Providing an update on AML/CFT Improvements in Honduras and Paraguay 

FATF Response to the public consultations on the revisions of the FATF Recommendation

During the review process of the FATF Recommendations, which started in June 2009, the FATF consulted broadly through:  two open public consultations on the proposed changes; meetings of the FATF private sector consultative forums, including civil society; and outreach to relevant experts outside the FATF on specific technical issues.  The consultation process generated a large number of responses and a broad range of opinions.  The FATF has prepared a response to the key issues raised during the consultation process.

• FATF Response to the public consultations on the revision of the FATF Recommendations (pdf, 700Kb)

Follow-up Report China

The FATF has approved and published the follow-up report for China.  The first mutual evaluation report of China was adopted in June 2007 when China became a full member of the FATF. 

China was placed on an enhanced follow-up process as a result of partially compliant and non-compliant ratings in certain of the Core and Key Recommendations in its mutual evaluation report.  China reported back at each FATF Plenary on the progress it had made in addressing the deficiencies identified in the mutual evaluation report.  China made significant progress and in October 2008, the Plenary agreed to place China on the regular follow-up process, whereby it would provide the FATF Plenary with annual progress reports.

China has now taken additional action to address the deficiencies in its AML/CFT regime and has therefore been taken off the regular follow-up process.  Henceforth, China will report back to the Plenary on any further improvements to its AML/CFT regime on a biennial basis.  The report will be made available on the FATF website shortly.

Best Practices Paper on sharing among domestic competent authorities information related to the financing of proliferation.

The FATF has adopted its first Best Practices Paper for the revised FATF Recommendations.  This Best Practices Paper focuses specifically on information sharing and exchange related to the financing of the proliferation of weapons of mass destruction.  The paper provides guidance on the implementation of Recommendation 2 ("National cooperation and coordination") and assists jurisdictions in engaging appropriate authorities in order to best exploit financial information and apply financial measures to combat proliferation. The report will be made available on the FATF website shortly.

GABAC becomes an FATF Observer

The FATF welcomed the Groupe d'Action Contre le Blanchiment d'Argent en Afrique Centrale (GABAC) as a new FATF observer organisation.  GABAC is a body of the Economic and Monetary Community of Central Africa and is made up of the six members of this community: Cameroon, Central African Republic, Chad, Congo Equatorial Guinea and Gabon.  It was established in 2000 with the mandate to combat money laundering and terrorist financing, assess the compliance of its members against the FATF Standards, provide technical assistance to its member States and facilitate international co-operation.
The co-operation between the FATF and GABAC will help to extend the FATF global network on money laundering and terrorist financing into this region of the world.

Update on progress made by Argentina

The FATF heard Argentina’s report on the progress it has made since its third follow-up report presented in October 2011.  The FATF welcomes Argentina’s enactment of a new law significantly improving Argentina’s criminalisation of terrorist financing and congratulates Argentina for its efforts.  The FATF also welcomed Argentina’s initial action plan on measures and milestones to assess Argentina’s effective implementation of its money laundering offence, and urges Argentina’s continued progress in this area for June 2012.  Argentina should also continue working to address the range of other important AML/CFT deficiencies that remain.

AML/CFT improvements in Honduras and Paraguay

Honduras

The FATF welcomes Honduras’ significant progress in improving its AML/CFT regime and notes that Honduras has largely met its commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in February 2010. Honduras is therefore no longer subject to FATF’s monitoring process under its on-going global AML/CFT compliance process. Honduras will work with CFATF as it continues to address the full range of AML/CFT issues identified in its Mutual Evaluation Report, and further strengthen its AML/CFT regime.

Paraguay

The FATF welcomes Paraguay’s significant progress in improving its AML/CFT regime and notes that Paraguay has largely met its commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in February 2010. Paraguay is therefore no longer subject to FATF’s monitoring process under its on-going global AML/CFT compliance process. Paraguay will work with GAFISUD as it continues to address the full range of AML/CFT issues identified in its Mutual Evaluation Report, particularly regarding further implementation of Special Recommendation VI and Special Recommendation IX.

FATF President
Paris, 17 February 2012

Source: FATF

Argentina's government announced tough new rules to combat money laundering in football on Wednesday, requiring detailed reports on transactions involving many more people than just players and staff.

Argentina's Financial Information Unit published its regulations in response to pressure from the global Financial Action Task Force, which provides anti-money-laundering guidelines to governments worldwide and began targeting football in 2009.

A criminal investigation into alleged money-laundering by the son-in-law of Kazakhstan President Nursultan Nazarbaev has widened to include the president himself.

Special indicators for transactions subject to monitoring were renewed to improve the national system in counteracting the law on money or other property obtained in a criminal way and the financing of terrorism in Azerbaijan. This will take into account the proposals for monitoring and international experience, the Financial Monitoring Service under the Central Bank of Azerbaijan (CBA) said on Thursday.