This video concludes a series on the FATF recommendations by summarizing the final 10, focusing on the operational responsibilities of law enforcement, investigative powers, cross-border controls, data collection, guidance, and crucial international cooperation mechanisms like mutual legal assistance and extradition for combating money laundering and terrorist financing.
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This is the fourth and last video of my FATF series covering the 40 FATF recommendations.
If you missed my prior videos you can find the links for part 1,2 and 3 in the description
below.
So today, I’ll summarize the remaining 10 FATF recommendations for you.
But, before we dive into it, if you are finding this video valuable, make sure you subscribe
to FinCrime Agent and press the thumb up.
This will make it super easy for you to consume new videos from my channel and it will allow
me to create more content for you.
Now with the housekeeping done, let's jump right into today's video.
Hi, and welcome to FinCrime Agent, my YouTube channel where every week I publish a new video
to boost your awareness about AML and Financial Crime prevention.
In my prior videos I already provided an overview of what FATF is and why FATF created those
40 recommendations, so we can now start immediately by continuing with recommendation 30.
The 30th FATF recommendation focuses on the responsibilities of law enforcement and investigative
It states that countries need to make sure they have assigned law enforcement authorities.
These authorities must be responsible for all investigations related to money laundering
and terrorist financing.
Especially in case of any major offenses that generate proceeds, these authorities have
to make a parallel financial investigation to counter the risk of money laundering and
its predicate offenses and of terrorist financing.
All member countries need to make sure that these selected authorities identify, trace
and take action to stop any proceeds of crime.
Also, countries need to make sure that these investigations must include authorities from
other countries if needed.
Moving on,
the 31st recommendation focuses on powers of law enforcement and investigative authorities.
It states that during the investigations for money laundering and terrorist financing by
the selected authorities, FATF recommends all member countries to ensure that any necessary
information and documents must be available to the authorities.
This means that the authorities have powers to use measures to ensure the availability
of records held by any financial institutions, any DFNBPs, the FIU or any other natural or
legal persons.
Also, this recommendation states that all countries should make sure that these authorities
can use any investigative techniques they think are needed like undercover operations
or intercepting communications.
Next up, in the 32nd recommendation, FATF states
that all member countries must make sure they take the necessary measures to detect any
cross-border transportation of currency or any other value assets.
The selected authorities must have the power to stop anyone from this transportation if
it’s illegal.
Also, in case of false disclosures, relevant sanctions must be places on them, especially
if there is any link to money laundering or terrorist financing.
Moving forward, the 33rd recommendation talks about statistics.
It states that all member countries should keep comprehensive statistics going to make
sure that the anti money laundering and counter terrorist financing systems all working effectively
and efficiently.
This includes statistics on all SARs or STRs, all money laundering and terrorist financing
activities, all prosecutions and convictions and all frozen or seized properties.
So, what are your views on the FATF recommendations I have
stated so far?
Do you think those are broadly followed by the industry?
Would a revision be useful anytime soon?
Let me know what you think in the comments down below.
With that being said, let’s get back to some more recommendations to cover in this
video.
Now, let’s talk about the 34th recommendation
that focuses on guidance and feedback.
This one states that all the selected authorities, supervisors and SRBs in all member countries
should develop guidelines and provide feedback to help financial institutions, non-financial
businesses and any other professions to fight the risk of money laundering and terrorist
financing, particularly by reporting any transactions that seem suspicious.
Moving on, let’s talk about
the 36th and 40th recommendation which I group together since they both focus on international
cooperation.
This is particularly important because FATF is supposed to be an international regulatory
body for anti money laundering and counter terrorist financing measures that’s why
international cooperation is very necessary for FATF to work properly.
This recommendation focuses specifically on mutual legal assistance.
In it, FATF recommends that all member countries should lay out as much legal assistance as
possible linked to money laundering, terrorist financing, investigations and any related
proceedings.
Also, FATF recommends that all these countries should have specific treaties to ensure cooperation
between them.
With recommendations 36 and 40 FATF touch base also on the topics of: assets freezing,
confiscation and extradition.
Next up, the 37th recommendation talks about
mutual legal assistance.
FATF recommends all member countries to provide as much mutual legal assistance as possible
in terms of investigations and prosecutions of any proceedings linked to money laundering
and terrorist financing.
Countries following FATF recommendations should have the necessary legal basis to help and
improve cooperation.
This means that no member countries should forbid or place restrictions on providing
mutual legal assistance.
Also, all member countries should make sure that clear measures are taken to execute mutual
legal assistance requests on a priority basis.
No member countries should refuse a request for mutual legal assistance.
Finally, all these countries should also maintain the confidentiality of any mutual legal assistance
requests.
Finally, let’s end the video with the 39th FATF recommendation
which focuses on extradition.
It states that countries should carry out all extradition requests linked to money laundering
and terrorist financing without causing any delay.
Countries under FATF recommendations should take all necessary measures to make sure that
any person linked to terrorist financing should not be provided safe haven at all.
All countries should make sure that money laundering and terrorist financing are extraditable
offences and effective processes are taken to timely execute the extraditable requests.
Finally, no member country should place any unreasonable restrictions on the execution
of these requests.
So with that we now completed all 40 FATF recommendations.
As I mentioned earlier, do let me know in the comments down below your feedback to let
me know if you enjoyed this series or even more broadly about your view on some FATF
recommendations.
As always, if this video was useful to you, you can show your appreciation and support
my channel by subscribing to FinCrime Agent and pressing the thumbs up.
Also, remember to check the description of the video to find useful links including how
to become part of our community on [Patreon.com](http://patreon.com/)/FCAgent.
Lastly, thank you for watching, I hope you enjoyed my videos and until next time: See
you soon!
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