The international Financial Action Task Force has published the procedures it will follow as part of its shift towards determining the effectiveness of a country's anti-money laundering systems, as well as its technical compliance with legislation. FATF said its new dual-pronged approach would assess whether the necessary laws were in place in a country and whether the AML systems were working and the extent to which a country was achieving a desired set of outcomes. FATF's fourth round of mutual evaluations has begun and the changes are effective immediately. The Paris-based international standard setter on anti-money laundering enforcement said the onus would be on countries to demonstrate compliance with FATF standards. The reviews will comprise of onsite country visits of up to two weeks plus desk-based reviews. Countries need to provide FATF with information on effectiveness based on 11 outcomes four months prior to the visit. Last month Valerie Schilling, a senior policy
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