40 Recommendations by The Financial Action Task Force (FATF) are measures which countries should implement to combat money laundering (ML), terrorist financing (TF), and proliferation financing (PF):
- Identify, assess and understand risks
- Put in preventive measures
- Establish powers and responsibilities for the competent authorities
- Enhance transparency and beneficial information
- Facilitate international cooperation
Evaluation:
- Technical assessment. Is there a legal and institutional framework in place?
- Effectiveness assessment. Does the framework really work?
While a country may have all the technical aspects in place if they are not effective, they do not add to the fight against ML/TF/PF. (Psycho Pass: La Película).
