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FATF Toughens AML Rules

FATF Toughens AML Rules  FATF Toughens AML Rules

The Financial Action Task Force, the global dirty money watchdog, on Friday agreed to revamp its standards to beef up monitoring of financing aimed at evading US and United Nations sanctions and proliferating weapons of mass destruction, the US Treasury Department said.
Endorsement of the new standards by the FATF at its meeting this week would strengthen the global response aimed at curbing the proliferation of such weapons, Treasury said in a statement, Reuters reported.
It said North Korea and Iran had established complex and elaborate networks, including front and shell companies incorporated in many FATF member countries, to evade US and UN sanctions and move funds to “further their dangerous purposes.”

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