FATF speaks on new Recommendations

Timon Molloy (timon.molloy@informa.com)

At over 100 pages, counting all the interpretive notes, the new Financial Action Task Force 40 Recommendations are “quite long”, John Carlson, FATF secretariat veteran acknowledged in his first address to an ACAMS Anti-Money Laundering & Counter Terrorism European Conference audience; it was the eighth such annual event, held in Amsterdam on 11-12 June. The most substantive development, he maintained, has been to make the risk based approach (RBA) “core and central to the standards”; it is now right up front in Recommendation 1.