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International Fora

The United Nations were among the first international organizations tackling the money laundering threat, originally as one of the measures to counteract the illicit traffic in narcotic drugs. UN Conventions still form the international basis for the criminalization of money laundering. With its Convention for the Suppression of the Financing of Terrorism and the Security Council Resolutions concerning the freezing of assets the UN also play an important role in the fight against terrorist financing.

The Financial Action Task Force (FATF) was established in 1989 by the G-7 and since then has become the prime international standard setter to combat money laundering and terrorist financing. Today the FATF has 36 members, including the most important financial centres around the world. The FATF’s Standard consists of 40 Recommendations concerning money laundering and 9 Special Recommendations concerning terrorist financing. Compliance with the standard is assessed by conducting peer reviews, so called “Mutual Evaluations”. These assessments follow a standardized methodology of over 250 criteria. Austria was last assessed in 2009 and the Mutual Evaluation Report is published on the FATF’s website.

As a member of the FATF and the United Nations, Austria is committed to comply with the international standards in the fight against money laundering and terrorist financing and participates actively in implementing these standards on a global as well as on a national level.

 

• UNODC - Money Laundering
• Financial Action Task Force

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