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FATF Recommendations 2022 Implemented in Falkland Islands (Malvinas)
The Financial Action Task Force (FATF) has recently implemented a series of recommendations aimed at strengthening global efforts to combat money laundering and terrorist financing. The Falkland Islands, also known as Malvinas, have welcomed these new standards and are working to align their financial regulations with the latest international best practices.
Key Changes Introduced by FATF
One of the key changes introduced by FATF is the revision of Recommendation 1, which now requires countries, financial institutions, and designated non-financial businesses and professions (DNFBPs) to identify and assess risks related to proliferation financing. This includes taking action to mitigate these risks and preventing breaches or evasion of targeted financial sanctions.
New Definitions Introduced
Another significant update is the addition of two new definitions in the Glossary: “nominator” and “nominee shareholder or director”. These definitions aim to strengthen standards on beneficial ownership of legal persons, providing greater transparency and accountability in corporate structures.
Revision of Recommendation 25 and Associated Interpretive Note
In related news, FATF has also revised Recommendation 25 and its associated Interpretive Note (INR.25), as well as the Glossary definitions of “beneficial owner”, “beneficiary”, and “legal arrangements”. These changes aim to strengthen standards on beneficial ownership of legal arrangements, enhancing global efforts to combat financial crimes.
Falkland Islands’ Commitment
The Falkland Islands have been actively engaging with FATF throughout 2022, participating in plenary meetings and providing feedback on the latest recommendations. The government has committed to implementing these new standards, ensuring that the country’s financial system remains robust and compliant with international best practices.
Impact on the Economy
These developments are expected to have a positive impact on the Falkland Islands’ economy, enhancing transparency and stability in the financial sector. As the global fight against money laundering and terrorist financing continues, it is essential for countries like the Falkland Islands to remain at the forefront of these efforts, ensuring the integrity of their financial systems and contributing to a safer and more stable world.
Sources
- FATF Recommendations 2022
- Falkland Islands Government Press Releases
- International Financial Institutions (IFIs) Reports