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CAMS · Question #453

Which is an objective of the Financial Action Task Force (FATF)-Style Regional Bodies (FSRBs)?

The correct answer is C. To enforce implementation of the FATF recommendations amongst its member countries. FSRBs are regional bodies whose core mandate is to promote and support the implementation of the FATF 40 Recommendations among their member countries through mutual evaluations and technical assistance.

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Which is an objective of the Financial Action Task Force (FATF)-Style Regional Bodies (FSRBs)?

Options

  • ATo issue their own recommendations, considering local typologies, ignoring the FATF 40
  • BTo work in parallel with FATF by operating on the basis of (mutual, joint, or common) recognition
  • CTo enforce implementation of the FATF recommendations amongst its member countries
  • DTo work independently from FATF and to be closely involved in improving law enforcement

How the community answered

(28 responses)
  • A
    4% (1)
  • B
    11% (3)
  • C
    82% (23)
  • D
    4% (1)

Why each option

FSRBs are regional bodies whose core mandate is to promote and support the implementation of the FATF 40 Recommendations among their member countries through mutual evaluations and technical assistance.

ATo issue their own recommendations, considering local typologies, ignoring the FATF 40

FSRBs adopt the FATF 40 Recommendations as their foundational standard and do not issue independent recommendations that ignore or conflict with FATF guidance.

BTo work in parallel with FATF by operating on the basis of (mutual, joint, or common) recognition

FSRBs are associate members of FATF and operate in close coordination with it, not on a separate parallel track operating independently.

CTo enforce implementation of the FATF recommendations amongst its member countriesCorrect

FSRBs function as the regional arm of the global AML/CFT framework and their primary purpose is to ensure member countries adopt and implement the FATF 40 Recommendations. They fulfill this mandate through conducting mutual evaluations, delivering technical assistance, and building regional capacity to strengthen AML/CFT regimes.

DTo work independently from FATF and to be closely involved in improving law enforcement

FSRBs work in alignment with FATF rather than independently, and their mandate requires cooperative engagement with FATF, not separation from it.

Concept tested: FATF-Style Regional Bodies mandate and objectives

Source: https://www.fatf-gafi.org/en/countries/fsrbs.html

Topics

#FSRBs#FATF#mutual evaluation#AML standards

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