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In the process of mutual evaluations and subsequent follow-ups used by the Financial Action Task...

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In the process of mutual evaluations and subsequent follow-ups used by the Financial Action Task Force (FATF) to assess the quality of various jurisdictions' AML controls, the FATF:

A.

imposes economic sanctions on jurisdictions with lax AML controls to force them to strengthen their controls.

B.

conducts on-site inspections of financial institutions in jurisdictions with lax AML controls to identify deficiencies and recommend improvements.

C.

publishes annual reports ranking all member jurisdictions based on their self-assessment of AML controls.

D.

conducts a peer review process whereby member countries assess the AML controls of other jurisdictions and provide recommendations for improvement.

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