FATF makes new listing criteria: Focus shifts to high-risk nations | India News – Times of India
The Financial Action Task Force (FATF) has significantly changed its criteria for placing countries on its lists. These changes aim to alleviate the burden on least developed countries while focusing on nations that pose greater threats to the global financial system.The FATF collaborates with countries that have strategic deficiencies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing systems.Through a peer-led process, the FATF and relevant FATF-style Regional Bodies work with these nations to address the loopholes that facilitate illegal financial flows. These flows fuel devastating crimes such as human trafficking, child sexual exploitation, and acts of terror designed to cause death and suffering, according to the statement released by FAT...