Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

Question

Options

• ARisk assessments and technical standards assessments
• BTechnical compliance assessments and effectiveness assessment
• CSanction risk assessments and the country's National Risk Assessment
• DCountry audit assessments and transaction monitoring assessments

• A
  16% (4)
• B
  76% (19)
• C
  4% (1)
• D
  4% (1)

Explanation

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country's system for preventing criminal abuse of the financial system. The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process. Assessments focus on two areas, effectiveness and technical compliance. The effectiveness component will assess whether the AML/CFT systems are working, and the extent to which the country is achieving the defined set of outcomes. The technical compliance component will assess whether the necessary laws, regulations or other required measures are in force and effect, and whether the supporting AML/CFT institutional framework is in place.

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