FATF has updated its statements
2020-07-07 | News & Media

FATF has updated its statements

On the plenary sitting on 30th June the FATF has update the statements connected the high-risk jurisdictions and jurisdictions under increased monitoring.

The Financial Action Task Force (FATF) is specialized on the developing and promotion of the policies to protect the financial system against money laundering and terrorism. Following on from the results granted by the FATF's International Co-operation Review Group (ICRG), high-risk and other controlled jurisdictions may be recognised in one of two documents published by FATF three times during the year.

High-Risk Jurisdictions subject to a Call for Action

High-risk jurisdictions have a lot of weakness in the controlling and combating money laundering (ML), proliferation financing (PT) and terrorist financing (TF). For all high-risk countries FATF demands all the jurisdictions to use enhanced due diligence, and in the especially dangerous cases, countries have to apply measures for protection the global financial system from ML/PT/TF risks in terms of country. This list is also referred as the "black list".

Jurisdictions under Increased Monitoring

Jurisdictions under increased monitoring cooperate with FATF in regards to overcome strategic weakness in their regimes to combat ML/PT/TF. When FATF provide a special control in the country, that means that the country incurs liabilities to resolve strategic deficiencies within the agreed time limits and falls under the enhanced controlling. This list is also referred as the "gray list".

The FATF and all its regional bodies will push forward to work with both jurisdictions and report regarding to the progress in the resolving of the strategic weakness. FATF demands from these jurisdictions to carry out the plans within a set timeframe. The FATF will control the progress of the jurisdictions and calls not to use the enhanced due diligence for these jurisdictions but urges its members to take into consideration the FATF information during the risk analysis.

Account to be taken of the FATF statements

FINMA encourages all financial intermediators to take FATF information into consideration in the process of developing their risk management strategies. FINMA demands also recognized self-regulatory organizations to instruct their members.

Source: https://www.finma.ch/en/news/2020/07/20200702-fatf-statement/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

FINMA Gives Permission to Scan Chips during the Online Identification Process

News & Media

2021-05-24

FINMA Gives Permission to Scan Chips during the Online Identification Process

The Swiss Financial Market Supervisory Authority FINMA is updating the procedure of the online identification using the NFC verification by scanning the chip embedded in biometric identity documents.

FINMA publishes its enforcement actions

News & Media

2021-04-07

FINMA publishes its enforcement actions

The publishing of this case report confirms FINMA's accountability obligations regarding its enforcement activities. The case report includes anonymized and generalized cases which were concluded with a court decision.

The IPI and Swiss exporters unite to combat the “Swissness” misuse

News & Media

2021-04-06

The IPI and Swiss exporters unite to combat the “Swissness” misuse

Bern, April 04, 2021 – The Swiss Institute of Intellectual Property (IPI) took an active role in 280 cases of “Swissness” excessive use in 2020. The IPI controls the use of the Swiss national emblem and destroys such goods during the customs examination. Now private and high officials start working together to control the “Swissness” fare dodger abroad.

Start of finance.swiss information platform

News & Media

2020-12-15

Start of finance.swiss information platform

The Swiss Financial Market Supervisory Authority FINMA recommends that the supervised parties affected by the LIBOR replacement sign the new Fallback Protocol of the International Swaps and Derivatives Association (ISDA) in the shortest time possible.