06:52 GMT +322 September 2018
Listen Live
    Onlinenews (archive)

    FATF MANDATE TO BE PROLONGED TO EIGHT YEARS?

    Onlinenews (archive)
    Get short URL
    0 10
    MOSCOW, May 13 (RIA Novosti) - A decision may be taken at the ministerial meeting of the Financial Action Task Force on Money Laundering (FATF) in Paris on May 14 to prolong the term of the organisation's mandate from five to eight years.

    The press release of the Russian financial monitoring committee says that Russian interests will be represented at the meeting by head of the Federal Service for Financial Monitoring Viktor Zubkov.

    The press service specified that the FATF mandate has been prolonged once in five years. But since the struggle against money laundering and financing of terrorism should be enhanced the mandate's term of action will be, most likely, increased to eight years.

    FATF was formed in 1989 at the G7 summit in Paris with a view to pursuing joint policy of combating money laundering. Initially G7 countries and eight other states joined it. Now, 31 countries and two international organisations are FATF members. In 2003 Russia has become a full-fledged FATF member and was excluded from its black list.

    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment