Revised FATF Recommendations: What Effect Will They Have In Canada?

On February 16, 2012, the Financial Action Task Force (FATF), the global standard setter in the fight against money laundering and terrorist financing, released revised FATF Recommendations through the publication of the International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation – The FATF Recommendations.

In addition to consolidating the FATF's 40 Recommendations on Money Laundering and 9 Special Recommendations on Terrorist Financing, the revised Recommendations are intended to fully integrate counter-terrorism financing measures with anti-money laundering controls and have been expanded to deal with new threats such as the financing of proliferation of weapons of mass destruction and to address new priority areas such as the laundering of the proceeds of corruption and tax crimes. This most recent update to the FATF standards follows an extensive review and consultation process with member countries that began in June