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Monday, January 17, 2011

Money Laundering Update

A review of FATF news shows that Argentina has not made adequate progress in preventing money laundiering from known sources, and new payment methods (NPM) are being abused more frequently as traditional measures close up.

The full report of FATF’s third mutual evaluation of Argentina (and second joint FATF/GAFISUD evaluation of Argentina) is now available for download, the executive summary was published on 5 November 2010. Since the last evaluation, finalised in June 2004, Argentina has not made adequate progress in addressing a number of deficiencies identified at that time, and the legal and preventive AML/CFT measures that are in place lack effectiveness.

Download the report (2.3Mb)

This report is builds on the 2006 Typologies report on New Payment Methods (NPMs). Since 2006, there has been a significant rise in the number of transactions and the volume of funds moving through NPMs. Consequently, the number of discovered cases where such payment systems were misused for ML/TF purposes has also increased.

This report compares the "potential risks" described in the 2006 report to the "actual risks" based on new case studies and typologies. The report also describes a number of indicators of suspicious activity. These red flag indicators will help NPM service providers and other financial institutions to detect ML/TF activities. The report describes the challenges presented in developing appropriate legislation and regulations for NPMs and the different approaches taken by national legislators and regulators.

The New Payment Methods report is the result of analysis of questionnaire responses and publications about NPMs as well as input by relevant private sector representatives such as NPM service providers, including the

  • Internet payment sector,

  • the mobile payment sector

  • prepaid card technology providers.

The report will be made available on the FATF website within the next few weeks.

The Rest @ FATF

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