On 16 February, the
Financial Action Taskforce released its
revised Recommendations for combating money laundering and terrorist financing, which now also cover financing of the proliferation of weapons of mass destruction. The FATF is an intergovernmental body established to develop and promote national and international policies to combat money laundering and terrorist financing. It was established in 1989 by the G7 and Australia is a founding member. With the cost of money laundering and underlying serious crime
estimated to be between two and five percent of global GDP, it is important that the standards used by over 180 countries as the basis of their responses remain up to date and reflect emerging threats.
