Fatf Agreement

The Middle East – North Africa Financial Action Task Force (MENAFATF) is a voluntary organization created by a regional agreement. It is not the result of an international treaty and respects cultural values, constitutions and legal systems. The following legal systems are members of the FATF and are therefore required to comply with FATF recommendations 40-9 (see above): according to the June 2002 FATF report, the following countries have been cited as NCCTs. [13] Bearer-Handhandel (BNI) includes monetary instruments in the form of support, such as traveller`s cheques; negotiable instruments (including cheques, notes and payment instructions) that are issued in support, unrestricted form, to a fictitious beneficiary or in such a form that the security is delivered on delivery; incomplete instruments (including cheques, notes and payment instructions) signed, but excluding the recipient`s name. The nine special recommendations (summary): In February 2004 (updated from February 2009), the FATF published a Methodology reference document for Assessing Compliance with the FATF 40 Recommendations and the FATF 9 Special Recommendations. [16] The 2009 Country and Evaluator Manual sets out criteria for assessing whether FATF standards are being met in participating countries. [17] The FATF assesses a country`s performance on the basis of its evaluation methodology, which covers the following areas: 1) technical compliance with the legal and institutional framework, as well as the powers and procedures of the competent authorities, and 2) the evaluation of effectiveness according to the extent to which the legal and institutional framework delivers the desired results. [18] The Intergovernmental Group on Money Laundering in Africa (GIABA) was established on 10 December 1999. Members include Ghana, Nigeria and Senegal. It aims to protect institutional economies and financial systems from the risks associated with the integration of the proceeds of crime and terrorist financing.

Its goal is to find global solutions to the problems posed by these illegal activities. GIABA`s strategy has been to improve and intensify measures to combat the proceeds of crime and to promote cooperation among its members. The initiative was supported by the CIS Council of Foreign Ministers, which recommended that the countries concerned hold a conference on the creation of a fatF FATF regional group. Moneyval operates in the same way as the European Commission, appointing up to three national or international experts for the fight against money laundering, who form the hierarchy of MONEYVAL.

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