Financial Action Task Force

Review of the FATF standards

The Financial Action Task Force (FATF) is the international body responsible for setting anti-money laundering and anti-terrorist financing standards. Canada is an active participant in the FATF and in the fight against money laundering, terrorist financing and other abuses of the global financial system.

The FATF recently published a document entitled, "The Review of the Standards - Preparation for the 4th Round of Mutual Evaluations" and has asked for public comment. The paper proposes options to update and enhance the standards, which have been endorsed by more than 180 countries and are widely accepted as the leading international anti-money laundering and anti-terrorist financing standard. However, since they were last revised in 2003, money laundering and terrorist financing methods have changed and new technologies have been developed.

The consultation paper presents proposals coming out of the first phase of this review over the last year, including the risk-based approach, customer due diligence, reliance on third parties and tax crime as a predicate offence for money laundering.

Closing date: January 7, 2011

Consultation documents:

To respond, send your comments by e-mail to the FATF Secretariat, along with a copy to the Department of Finance, to the addresses below:

FATF Secretariat

fatf.consultation@fatf-gafi.org

Financial Crimes Section - International
Finance Canada

fci-cfi@fin.gc.ca