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In February 2012, the Financial Action Task Force (FATF), whose mandate has been renewed for a further eight years, issued new recommendations for combating money laundering and the financing of terrorism.
The main new aspects introduced in this document are:
- extending the scope of the primary offence of money laundering to include tax crimes;
- risk identification and assessment with regard to anti-money laundering based on a set of criteria;
- an extension of measures concerning domestic politically exposed persons (PEPs);
- specifications of transparency requirements in dealings with legal persons and other legal entities (identification of beneficial owners);
- reinforcement of requirements concerning the information that...
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