Financial Action Task Force Standards
17. The Financial Action Task Force (the "FATF") is an inter-governmental body whose purpose is the development and promotion of international standards to combat money laundering and terrorist financing.
18. The Regulator has had regard to the FATF Recommendations in making these Rules and has determined to closely align these Rules with the FATF Recommendations, where that is deemed to be necessary and appropriate. A Relevant Person may wish to refer to the FATF Recommendations and Interpretive Notes to assist it in complying with these rules. However, in the event that an FATF Recommendation or Interpretive Note conflicts with a Rule in the AML Rulebook, the relevant Rule takes precedence.
19. A Relevant Person may also wish to refer to the FATF typology reports which may assist in identifying new money laundering threats and which provide information on money laundering and terrorist financing methods. The FATF typology reports cover many pertinent topics for Relevant Persons, including corruption, new payment methods, money laundering using trusts and Company Service Providers, and vulnerabilities of free trade zones. These typology reports can be found on the FATF website www.fatf-gafi.org.
|Amended on (3 February, 2020).|