The FATF through it’s standard setting and mutual evaluation process is driving changes to AML/CFT regimes globally
21 out of 34 FATF full member countries have not yet had the appropriateness and effectiveness of the Risk Based Approach (RBA) assessed (driving governments to examine national risk assessments).
In the most recent mutual evaluations Australia, Austria and Norway the RBA was assessed in 2014 as being only Partial Compliant.
Mutual evaluations have identified weaknesses in the supervision of the financial sector in a significant number of main FATF full member countries.
11 out of 34 FATF full member countries are only Partially Complaint with the relevant FATF recommendations.
31 out of 34 FATF full member countries have yet to fully extend their AML/CFT regime to DNFBPs.
14 countries (including Australia, New Zealand, India, Canada, USA) are identified as being completely Non-Compliant with the FATF’s DNFBP’s recommendations.
25 out of 34 full FATF member countries do not have in place the required supervisory arrangement for DNFBPs.
The 4th Round of mutual evaluation commenced in 2014 and will be completed in 2022.