The Financial Action Task Force has issued its 2012 revision of the Forty Recommendations.
The new revision makes major changes to the previous set (known as the Forty Recommendations plus 9). The "plus 9" were bolt-on additions known as "Special Recommendations" to deal with the financing of terrorism.
Now the Special Recommendations have been brought within the body of the Forty Recommendations and a raft of other major changes have been made including new provisions relating to the financing of proliferation of Weapons of Mass Destruction (WMD) so giving more practical teeth to international sanctions.
*Unprecedented Regional Input*
The 2012 version of the Forty Recommendations has been developed with unprecedented input from the so-called "FATF-Style Regional Bodies" which include the Asia Pacific Group, The Middle East and North Africa FATF, the Caribbean Financial Action Task Force, the Eurasian Group and the Eastern and Southern Africa Anti Money Laundering Group.
Each of those groups is to require its member countries to develop systems that comply with the Forty Recommendations (although some minor deviation will be permitted to take account of local conditions).
Although the FATF R40 are an agreement between governments to pass legal and regulatory measures and do not directly impact on financial institutions, properly managed financial institutions will prepare for those requirements in advance of changes in law and regulation.
In addition, because of the international nature of financial services, and the regulatory requirement to adopt the higher standards of "home or host" for overseas operations, all financial services businesses operating internationally should presume that there is an expectation of compliance - even if their home country has not yet implemented the R40.
*Impact on the wider business community*
The FATF R40 2012 greatly increases its area of impact. While all persons, individuals and businesses, have long been subject to laws to counter money laundering, the regulatory regime has generally been limited to financial institutions and, more recently, some specific commercial activity. However, although the R40 does not require non-financial businesses to put in place measures to comply with the regulatory regime, the changes make it desirable that many do so. Therefore travel agencies, trading companies, logistics companies and many more should consider whether to develop internal counter-money laundering systems for their own protection.
This seminar will review the changes, highlight what compliance and risk management reviews should be made and examine way of modifying existing processes and procedures in readiness for the implementation of changes so as to reduce the culture shock and expense of making those changes all at once.
The seminar will also examine the impact on financial institutions of the latest series of warnings relating to countries deemed to be behind in their implementation of the R40.
Seminar Presenter: Nigel Morris-Cotterill, Head, The Anti Money Laundering Network.
Hong Kong 10/11 May 2012
Jakarta 14 /15 May 2012
Singapore 16/17 May 2012
Dubai 20 / 21 May 2012
London 24 / 25 May 2012
If you wish this seminar to be hosted in your country, please use the contact form.
Bookings made and paid for before 1 April 2012 GBP500 per person.
Two or more persons on the same booking: GBP450 per person
Bookings made and paid for on or after 1 April 2012
GBP600 per person.
Two or more persons on the same booking: GBP550 per person.
(plus VAT in London)
SECTORS: Banking, Insurance, Securities, FX, commodities, government
travel, aviation and shipping, property and construction, oil and gas, healthcare, business and finance.
Organiser: The Financial Crime Forum Ltd, UK.