Wednesday, 8 March 2017

According to FATF, most of Afghan banks have quit laundering money

Money-laundering is the process that disguises illegal profits without
🔃compromising the criminals who wish to benefit from the proceeds
Afghan National Bank, Da Afghanistan Bank (DAB), announced that Afghanistan will be taken off the gray list of the Financial Action Task Force (FATF) in two or three months after meeting all the requirements.
The removal from the gray list will enable Afghanistan deal with international banks and gain credibility. According to National Bank's officials, it took Afghanistan more than five years to comply with the requirements, and Afghanistan is waiting for the FATF assessments of the measures taken.

FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

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