New FATF rules against terrorist finance

New measures have been adopted to combat money laundering and terrorist financing by the Financial Action Task Force (FATF) in its revision of its 40 recommendations. According to the FATF the major changes that have been adopted include specifying a list of crimes that must underpin the money laundering offence. The changes will involve tightening customer due diligence processes for financial institutions and there will be enhanced measures for higher risk customers and transactions. Transparency requirements will also be improved. Anti-money laundering measures will also...