The New 40 FATF
Recommendations, therefore, set an international standard, which countries
should implement through measures adapted to their particular circumstances.
The FATF Recommendations set out the essential measures that countries should
have in place to mitigate money laundering and terrorism financing. Effectively, the New Recommendations aspire to do the following:
identify
the risks, and develop policies and domestic coordination;
pursue
money laundering, terrorist financing and the financing of proliferation;
apply
preventive measures for the financial sector and other designated sectors;
establish
powers and responsibilities for the competent authorities (e.g., investigative,
law enforcement and supervisory authorities) and other institutional measures;
enhance
the transparency and availability of beneficial ownership information of legal
persons and arrangements; and
facilitate
international cooperation.
Based on the previous Mutual Evaluation Report by APG in 2007, special attention need to be given on specific standards related to certain items namely: (i) Governance and Reporting of Non Profit Organisations (NPOs), (ii) Roles and Functions of Designated Non Financial Business and Professions (DNFBPs) and (iii) Cash Couriers by the financial service sectors
