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Financial Action Task Force on Money Laundering (FATF): The Forty Recommendations of the Financial Task Force on Money Laundering, with Interpretative Notes*

Published online by Cambridge University Press:  18 May 2017

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Type
Reports and Other Documents
Information
International Legal Materials , Volume 35 , Issue 5 , September 1996 , pp. 1291 - 1305
Copyright
Copyright © American Society of International Law 1996

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Footnotes

*

Reproduced from Financial Action Task Force document FATF-VII, Annex I Final and Annex 2/Revl, dated June 28, 1996.

[The Financial Action Task Force is comprised of 26 members, mainly industrial countries, with the International Monetary Fund participating as an observer. The Group of Seven formed the FATF in 1989 to examine measures that could be adopted by countries to combat money laundering. These recommendations are a revision of the Forty Recommendations originally issued in 1990.

[The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime, done at Strasbourg, November 8, 1990, appears at 30 I.L.M. 148 (1991); the UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, done at Vienna, December 20, 1988, appears at 28 I.L.M. 493 (1989); Chapter 6 of the Convention Applying the Schengen Agreement between Belgium, France, Germany, Luxembourg, and the Netherlands on the Gradual Abolition of Checks at their Common Borders, done at Schengen, June 19, 1990, dealing with combating offenses involving narcotic drugs, appears at 30 I.L.M. 116 (1991); the Andean Pact Manifest of Cartagena de Indias, May 26, 1989, in part pledging support of the UN Convention Against Illicit Traffic in Narcotic Drugs, appears at 28 I.L.M. 1288 (1989); and the provisions on illicit traffic in narcotic drugs from the International Law Commission's Draft Code of Crimes Against the Peace and Security of Mankind, September 11, 1991, appear at 30 I.L.M. 1593 (1991).]

References

1 Reference in this document to “countries” should be taken to apply equally to “territories” or “jurisdictions”. The twenty six FATF member countries and governments are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, the Kingdom of the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States

2 The two international organisations are: the European Commission and the Gulf Cooperation Council.

3 During the period 1990 to 1995, the FATF also elaborated various Interpretative Notes which are designed to clarify the application of specific Recommendations. Some of these Interpretative Notes have been updated in the Stocktaking Review to reflect changes in the Recommendations.

1 Including inter alia

  • - consumer credit

  • - mortgage credit

  • - factoring, with or without recourse

  • - finance of commercial transactions (including forfaiting)

1 During the period 1990 to 1995, the FATF elaborated various Interpretative Notes which are designed to clarify the application of specific Recommendations. Some of these Interpretative Notes have been updated in the Stocktaking Review to reflect changes in the Recommendations.