NCJ Number
200886
Date Published
2003
Length
25 pages
Annotation
This document sets out Forty Recommendations by the Financial Action Task Force (FATF) for combating money laundering and terrorist financing.
Abstract
In 1990, FATF drew up the original Forty Recommendations as an initiative to combat money laundering by the illegal drug trade. The recommendations were revised in 1996 to reflect the evolving money laundering methods and techniques. The Forty Recommendations have now been further revised to combat increasingly sophisticated money laundering techniques and terrorist financing operations. FATF urges all countries to implement the recommendations in their national systems in order to effectively combat money laundering and terrorist financing. The recommendations are written in general terms so that countries may easily adapt them to fit within the framework of their unique criminal justice and financial systems. The document explains that one of the key elements of the fight against money laundering and terrorist financing is the continual monitoring and evaluation of international standards. Generally, the recommendations fall under the domains of legal systems and financial systems. Recommendations on international cooperation are also provided, which include mutual legal assistance and extradition. A glossary is included for terminology and interpretative notes further explain the Forty Recommendations.