This report is on the observance of standards and codes for the FATF 40 recommendations for antimoney laundering (AML) and special recommendations on combating the financing of terrorism. The government of Georgia indicated that the recommendations of the report have already been put into an action plan to implement appropriate corrective measures. Executive Directors approve that the regime has significantly improved since the last assessment. However, weaknesses with regard to compliance with key elements of the standard should be urgently addressed in light of significant vulnerabilities and threats.
This report discusses Mauritius’s Observance of Standards and Codes for the Financial Action Task Force Recommendations for Anti-Money Laundering and special recommendations on Combating the Financing of Terrorism. Mauritius is pursuing a national strategy to diversify its economy into the provision of global financial services by taking advantage of its linkages with both African and Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management.
In recent years, the IMF has become deeply involved in the international movement to prevent the abuse of financial systems and to protect and enhance the integrity of the international financial system. The IMF’s involvement has been expanded beyond anti-money-laundering efforts to include those aimed at combating the financing of terrorism. This handbook will facilitate the provision of relevant technical assistance by providing a compendium of essential materials for officials drafting legislation designed to combat such financing. The relevant international standards and obligations are presented, together with examples of existing legislation designed to meet them. The issues discussed in this book are relevant to all countries, regardless of their individual geopolitical situations.
strengthening in a number of respects . The scope of the ML offense should be extended with respect to the FATF list of predicate offenses. The FToffense needs revising to include all the material elements called for under the standard.
3. The current legal framework establishing the Financial Intelligence Unit (FIU) requires further clarification and the powers of the FIU should be enhanced, in particular with regard to the analysis of suspicious transaction reports (STR) . A coherent system needs to be established for the declaration/disclosure of the physical cross
for terrorism financing.
7. Provisional and conviction-based confiscation measures are available with respect to all predicate offenses, as well as the ML and FToffenses, and are applicable to proceeds as well as instrumentalities of crime . Confiscation is a mandatory sanction and may be applied against property equivalent in value to the proceeds of crime. Around US$13 million has been confiscated since 2005 in the context of ML offenses. However, statistics provided by the authorities suggest that the legal provisions could be applied more effectively to
Qatar’s report on the Observance of Standards and Codes for the Financial Action Task Force Recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) is described. The two sectors that compose the financial system, the domestic sector and the Qatar Financial Center, are subject to different sets of preventive measures, which vary in depth and comprehensiveness. The allocation of resources to AML/CFT appears to be uneven, particularly in view of the rapid development and diversification of the economy.
covered. The FToffence does not extend to all offences under the FT Convention. These omissions also impact to some extent on the scope of criminal confiscation. Some further steps are needed to improve the effectiveness of procedures relating to requests for freezing of terrorist assets.
14. Jersey’s implementation of UNSCRs 1267 and 1373 is largely sufficient but attention should be given to procedures governing the receipt and assessment of foreign requests and to providing greater clarity regarding coverage of assets that are jointly or indirectly owned or
This report focuses on the observance of standards and codes on the Financial Action Task Force on Money Laundering (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) in Greece. It reveals that Greece’s legal requirements in place to combat money laundering and terrorist financing are generally inadequate to meet FATF standards. There are some serious concerns about the effectiveness of the AML/CFT system in place. The preventive system that deals with customer identification is generally insufficient and not in line with international standards.
Convention for the Suppression of Terrorist Bombings. The definitions of the terms “terrorist” and “terrorist organization” should be expanded to extend to all “terrorist acts” as defined under the FATF standard. At the time of the on-site mission, prosecutions of three persons for terrorism financing were ongoing. There had been no convictions for terrorism financing.
7. Provisional and conviction-based confiscation measures are available with respect to all predicate offenses, as well as the ML and FToffenses, and are applicable to proceeds as well as
of Detection and the 1999 International Convention for the Suppression of Acts of Nuclear Terrorism;
Ensure that the FToffense also applies to the direct or indirect provision or collections of funds by any means with the unlawful intention that they be should be used or in the knowledge that they are to be used in full or in part by an individual terrorist;
Ensure that the FToffense does not require funds to be linked to a specific terrorist act;
Confiscation, freezing, and seizing of proceeds of crime
Provide for the