• Saturday, Nov 28, 2020
  • Last Update : 12:09 am

US: Global dirty money watchdog revamps rules to battle weapons financing

  • Published at 04:55 pm October 24th, 2020
Financial Action Task Force FATF
The logo of the FATF (the Financial Action Task Force) is seen during a news conference in Paris Reuters

Endorsement of the new standards by the Financial Action Task Force (FATF) at its meeting this week would strengthen the global response aimed at curbing the proliferation of such weapons

A 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 Financial Action Task Force (FATF) at its meeting this week would strengthen the global response aimed at curbing the proliferation of such weapons, Treasury said in a statement.

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."

Washington began pushing for the changes when it headed the global watchdog in 2018-2019. Germany currently leads the body, which was set up in 1989 and currently includes 37 member jurisdictions and two regional organizations, the European Commission and the Gulf Cooperation Council.

"The collaboration of the FATF is vital to addressing global illicit financial activity, including fraud associated with the Covid-19 pandemic, proliferation financing risk, and other (anti-money laundering and counterterrorist) priorities," US Treasury Secretary Steven Mnuchin said in a statement.

The change requires countries and the private sector to assess and mitigate proliferation financing risks related to the "potential breach, non-implementation or evasion of UN financial sanctions."

Treasury said US financial institutions and other US businesses were generally already assessing and mitigating the risk of sanctions evasion, but it remained challenging to disrupt sophisticated networks set up by Iran and others.

It said the enhanced FATF standards would allow FATF members to arm their financial institutions and other entities with targeted information to crack down on shell companies and other individuals or entities acting on behalf of sanctioned persons.

51
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail