Here is the rewritten article in Markdown format:

Financial Crimes Definition in Sao Tome and Principe

The Financial Action Task Force (FATF) has released a report on the financial crimes definition in Sao Tome and Principe, highlighting the country’s progress in complying with international standards to prevent money laundering and terrorist financing.

Compliance with FATF Recommendations

According to the report, Sao Tome and Principe has made significant progress in implementing the technical requirements of the FATF Recommendations. The country received a rating of “Largely Compliant” for 17 out of 40 recommendations, indicating that it has largely implemented the required measures to prevent financial crimes.

Areas for Improvement

The report highlights several areas where Sao Tome and Principe needs to improve:

National cooperation and coordination mechanisms
Confiscation and provisional measures
Targeted financial sanctions related to terrorism and terrorist financing
Strengthening laws and regulations regarding non-profit organizations and financial institution secrecy

Progress Made

On a positive note, Sao Tome and Principe has made significant progress in implementing:

Customer due diligence
Record keeping
Internal controls
Reliance on third parties
Reporting suspicious transactions

The country also has strong powers of supervisors and law enforcement authorities.

Conclusion

Overall, the report provides an assessment of Sao Tome and Principe’s efforts to combat financial crimes and identifies areas for improvement. It is essential for the country to address these shortcomings to ensure a stable and secure financial system.