Consequences of Financial Crime in Austria Revealed: Follow-Up Report Highlights Country’s Efforts to Combat Money Laundering and Terrorist Financing

Austria has made significant progress in addressing financial crime, according to a recent report by the Financial Action Task Force (FATF). The country’s efforts to combat money laundering and terrorist financing have been evaluated in the FATF’s 2017 Follow-Up Report on Austria.

Progress Made

The report highlights Austria’s compliance with international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT). Specifically, it notes that Austria has made progress in:

Assessing risk and applying a risk-based approach to AML/CFT
Strengthening national cooperation and coordination mechanisms
Improving laws and regulations governing money laundering and terrorist financing

Challenges Ahead

While Austria’s efforts have been praised for their effectiveness in preventing the misuse of financial systems, there are still areas where improvement is needed:

Enhancing regulation and supervision of financial institutions
Strengthening internal controls and foreign branches and subsidiaries

Recommendations

The report recommends that Austria continue to improve its AML/CFT regime by addressing issues related to:

Customer due diligence
Record keeping
Reporting of suspicious transactions

It also suggests enhancing transparency and beneficial ownership requirements for legal persons and arrangements.

Conclusion

Overall, the report concludes that Austria has made significant progress in combating financial crime, but further efforts are needed to ensure compliance with international standards. The country’s commitment to addressing these issues is crucial in preventing the misuse of financial systems and ensuring the integrity of the global economy.

By working towards these goals, Austria can continue to demonstrate its commitment to combating financial crime and maintaining a safe and secure financial system for all stakeholders.