Which FATF Recommendation states that countries should take measures to prevent misuse of legal persons for money laundering?

Recommendation 24: Transparency and beneficial ownership of legal persons. Countries should take measures to prevent the misuse of legal persons for money laundering or terrorist financing.

What can be used to launder money?

Other money laundering methods involve investing in mobile commodities such as gems and gold that can be easily moved to other jurisdictions; discretely investing in and selling valuable assets such as real estate; gambling; counterfeiting; and creating shell companies.

Where is FATF based?

Paris
The Secretariat is located at the OECD Headquarters in Paris. Career opportunities at the FATF Secretariat are advertised and filled in accordance with the OECD procedures.

Is the United States a FATF country?

In North America, FATF countries include Canada, the United States, and Mexico. In Europe, Austria, Belgium, Denmark, Finland, Germany, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Portugal, Switzerland, Sweden, and the United Kingdom are included within FATF.

Why does FATF recommend a risk based approach?

The risk-based approach is central to the effective implementation of the FATF Recommendations. It enables them to focus their resources and take enhanced measures in situations where the risks are higher, apply simplified measures where the risks are lower and exempt low risk activities.

Is there a glossary of the FATF Recommendations?

This glossary includes definitions from the Glossary of the FATF Recommendations, as well as definitions and acronyms from other sources. References to “accounts” should be read as including other similar business relationships between financial institutions and their customers.

What does the FATF report mean for international financial centers?

The publication of the FATF report represents the first step in an ongoing process to bring international financial centers into compliance with international anti-money laundering standards.

What is the FATF consensus on anti-money laundering?

The development of a consensus among the FATF membership was the result of a five-month process in which FATF evaluated the anti-money laundering systems of numerous countries in order to identify those anti-money laundering efforts that fail to meet international norms.

How will the FATF review the progress of the listed jurisdictions?

The FATF will be assessing the progress made by all listed jurisdictions to determine whether any should be removed from the list and will also continue its review process to determine whether any new countries should be added. Further international commitment was reflected in additional advances by FATF and FATF-like regional bodies.