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FATF 40 Recommendations

The FATF Recommendations are considered to be the international standards to combat money laundering and the financing of terrorists and proliferation (ML/TF/PF). They encompass a comprehensive set of measures that countries should implement within their AML/CFT framework including the preventive measures that financial institutions and DNFBPs should take, the establishment of competent authorities with appropriate functions, arrangements for international cooperation, amongst others. The FATF 40 recommendations include:

R1

Assessing Risks and applying a Risk-Based Approach

R21

Tipping-off and confidentiality

R2

National Cooperation and Coordination

R22

DNFBPs: Customer due diligence

R3

Money laundering offence

R23

DNFBPs: Other measures

R4

Confiscation and provisional measures

R24

Transparency and beneficial ownership of legal persons

R5

Terrorist financing offence

R25

Transparency and beneficial ownership of legal arrangements

R6

Targeted financial sanctions related to terrorism and terrorist financing

R26

Regulation and supervision of financial institutions

R7

Targeted financial sanctions related to proliferation

R27

Powers of supervisors

R8

Non-profit organisations

R28

Regulation and supervision of DNFBPs

R9

Financial institution secrecy laws

R29

Financial intelligence units

R10

Customer due diligence

R30

Responsibilities of law enforcement and investigative authorities

R11

Record-keeping

R31

Powers of law enforcement and investigative authorities

R12

Politically exposed persons

R32

Cash Couriers

R13

Correspondent banking

R33

Statistics

R14

Money or value transfer services

R34

Guidance and feedback

R15

New technologies

R35

Sanctions

R16

Wire transfers

R36

International instruments

R17

Reliance on third parties

R37

Mutual legal assistance

R18

Internal controls and foreign branches and subsidiaries

R38

Mutual legal assistance: freezing and confiscation

R19

Higher-risk countries

R39

Extradition

R20

Reporting of suspicious transaction

R40

Other forms of international cooperation