Australia’s response to the FATF’s 2003 40 Recommendations

Abstract

Outlines the Recommendations of the Financial Action Task Force (FATF) Anti‐Money Laundering Recommendations, which go well beyond the 1996 version: they are prescriptive and detailed, and they expand reporting bodies to many non‐financial businesses, focusing on the high‐risk areas of customer due diligence and establishing cross‐border correspondent banking relationships. Describes the Attorney General’s response. Indicates the problems for Australia’s compliance with the Recommendations: lack of control of over small businesses and over amateur sleuths who have access to personal details, implementation of a risk‐based system; developing a an identification system acceptable to Australians that does not make identity theft even easier, and the fact that the system is so complicated and costly that non‐compliance becomes a big issue.

Citation

Johnson, J. (2005), "Australia’s response to the FATF’s 2003 40 Recommendations", Journal of Money Laundering Control, Vol. 8 No. 4, pp. 297-304. https://doi.org/10.1108/13685200510620849