Purpose

This paper aims to examine the extent of successes and challenges of adoption and implementation of Financial Action Task Force (FATF) codes in member states by highlighting the influence of the FATF anti-money laundering policy framework on money laundering (ML) and the way forward in heightening the fight against the fast-evolving nature of ML and terrorist financing activities.

Design/methodology/approach

This paper, based on a purely qualitative desktop study, is drawn on historical information from FATF’s recommendations, its periodic reports, publications and other secondary sources such as books, journal articles on financial systems and scholarly literature.

Findings

The challenges found include difficulty in domestic coordination, capacity constraints of countries, inadequate operational resources and assessment complexities in the implementation of FATF standards. Nonetheless, FATF has chalked some successes such as the harmonization of legislation and enforcement efforts through the provision of coordination points. Other successes include flexibility in response to new threats, adoption of the mutual evaluation process, which advanced peer pressure on defaulting members, enhancement of the international financial space and the enhancement of the legitimization of FATF’s processes.

Originality/value

This paper provides a description of the successes and challenges of the FATF’s 40 + 9 recommendations since its establishment. The outcome would alert countries and players within the international financial space to invest more in capacity building and the entrenchment of the recommendations into their domestic laws.

中文翻译：

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FATF 在各国金融体系中的作用：成功与挑战

目的

本文旨在通过强调 FATF 反洗钱政策框架对洗钱 (ML) 的影响和前进方向，研究成员国采用和实施金融行动特别工作组 (FATF) 守则的成功程度和挑战。加强与 ML 和恐怖主义融资活动的快速发展性质的斗争。

设计/方法/方法

本文基于纯粹的定性桌面研究，借鉴了 FATF 的建议、其定期报告、出版物和其他二手资源（如书籍、关于金融系统的期刊文章和学术文献）中的历史信息。

发现

发现的挑战包括国内协调困难、国家能力限制、运营资源不足以及执行 FATF 标准的评估复杂性。尽管如此，FATF 还是取得了一些成功，例如通过提供协调点来协调立法和执法工作。其他成功包括应对新威胁的灵活性、采用相互评估程序，这增加了对违约成员的同行压力、国际金融空间的增强以及 FATF 程序合法化的增强。

原创性/价值

本文描述了 FATF 自成立以来 40+9 建议的成功和挑战。结果将提醒国际金融领域的国家和参与者更多地投资于能力建设和将建议纳入其国内法。