What does ESAAMLG stand for?

What does ESAAMLG stand for?

What does ESAAMLG stand for?

The Eastern and Southern Africa Anti-money Laundering Group (ESAAMLG) is a regional body subscribing to global standards to combat money laundering and the financing of terrorism.

What year was the ESAAMLG MoU created?

ESAAMLG was launched at a meeting of Ministers and high-level representatives in Arusha, Tanzania, on 26-27 August 1999. A memorandum of understanding (MoU) based on the experience of the FATF and other FATF-style regional bodies was agreed to at that meeting.

Who are the members of FATF?

There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.

What is FATF GREY list?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

What is the mission vision and objectives of Esaamlg?

The main objectives of ESAAMLG are to: Adopt and implement the 40 Recommendations of the FATF; Apply anti-money laundering measures to all serious crime; Implement measures to combat the financing of terrorism and.

What were the four typologies research topics in 2011?

2011: Cash and cashless financial transactions involving organized crime groups (including ethnic crime groups) (Kyrgyzstan – Russia) Money laundering and terrorist financing through alternative remittance systems (USA) Preventing offences related to government procurements (Russia)

What are the 40 recommendations of FATF?

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

Who is the head of FATF?

Marcus Pleyer
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d’action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering….Financial Action Task Force.

Abbreviation FATF
President Marcus Pleyer

What is CDD and EDD?

The second step is Customer Due Diligence (“CDD”) which requires the bank to obtain information to verify the customer’s identity and assess the risk. If the CDD inquiry leads to a high risk determination, the bank has to conduct an Enhanced Due Diligence (“EDD”).