Which is a key characteristic of the Financial Action Task Force (FATF) Regional Style Bodies for combatting money laundering/terrorist financing?

The correct answer is C. Emphasizing regional co-operation between member countries. The FATF Regional Style Bodies (FSRBs) are autonomous regional organizations that help the FATF implement its global AML/CFT policy, which revolves around its 40 Recommendations, in over 200 affiliated countries. One of the key characteristics of the FSRBs is that they…

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

Question

Options

AInstructing each member country to place FATF recommendations into law
BImplementing regional mutual evaluation procedures
CEmphasizing regional co-operation between member countries
DEnabling FATF standards to be specific to each region

How the community answered

(51 responses)

A
2% (1)
B
10% (5)
C
82% (42)
D
6% (3)

Explanation

The FATF Regional Style Bodies (FSRBs) are autonomous regional organizations that help the FATF implement its global AML/CFT policy, which revolves around its 40 Recommendations, in over 200 affiliated countries. One of the key characteristics of the FSRBs is that they emphasize regional co-operation between member countries, as stated in the High-Level Principles and Objectives approved by the FATF Plenary in October 2012. This means that the FSRBs facilitate information exchange, technical assistance, training, and mutual support among their members to enhance their AML/CFT capacities and compliance. The FSRBs also promote regional perspectives and specificities in the FATF policy-making process and foster dialogue and collaboration with other regional and international bodies.

Topics

#FATF Regional Bodies#regional cooperation#AML implementation#mutual evaluation

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