What does Cfatf mean?

The Caribbean Financial Action Task Force (CFATF) is an organisation of states and territories of the Caribbean basin which have agreed to implement common counter-measures against money laundering.

How many recommendations are in the current FATF?

40 Recommendations
The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

What are high risk jurisdictions?

1) The first public document, the statement “High-Risk Jurisdictions subject to a Call for Action” (previously called “Public Statement”), identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation.

What is the purpose of FATF Recommendation 16?

Recommendation 16 applies to both cross-border and domestic wire transfers. The objective of the recommendation, as set forth in the FATF Recommendations, is to prevent “terrorists and other criminals from having unfettered access to wire transfers for moving their funds, and for detecting such misuse when it occurs.”

Why is FATF important?

The Financial Action Task Force, or FATF, is one of the most influential and important organizations in regard to combating financial crimes such as money laundering, terrorist financing, and other forms of corruption.