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Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2020: Issue 065
Language:
English
Publication Date:
02 Mar 2020
DOI:
https://doi.org/10.5089/9781513535838.002
ISBN:
9781513535838
ISSN:
1934-7685
Pages:
40
Keywords:
ISCR; CR; TF risk; authority; company; AMLC; country; customer; CFT supervision; CFT obligation; CFT framework; CFT regime; risk profile; TF scandal; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Virtual currencies; Commercial banks; Financial Sector Assessment Program; Eastern Europe; Southern Europe; Europe
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This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrorism. It provides a targeted review of Austria’s progress in addressing the Money Laundering/Terrorism Financing vulnerabilities. Several initiatives, the amendments introduced to the Financial Markets Anti-Money Laundering Act, the Beneficial Owners Register Act, and other sectoral laws have led to significant enhancements of the legal and regulatory framework which resulted in a number of upgrades on technical compliance ratings by the Financial Action Task Force in the context of the two follow-up reports. The authorities took steps to transpose the Fourth and the Fifth Anti-Money Laundering Directives into national legislation. Steps have been taken to improve the legal and regulatory framework that applies to lawyers, notaries and tax advisors, and other Designated Non-Financial Business and Professions, but there is room for enhancing implementation. The authorities have recently adopted a comprehensive set of reforms to enhance entity transparency, including through the establishment of a Register of Beneficial Ownership.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund