“Mitigating the Unintended Consequences of the FATF Standards” | AML, FATF, de-risking

Instead of fundamentally changing its concepts (as is necessary), FATF published a document regarding “Mitigating the Unintended Consequences of the FATF Standards“. In the announcement FATF informs the public that it launced in February 2021 a new project to study and mitigate the unintended consequences resulting from “the incorrect implementation of the FATF Standards“, a project that is focusing on:

  • de-risking;
  • financial exclusion;
  • undue targeting of NPOs; and
  • curtailment of human rights (with a focus on due process and procedural rights).

The document reflects the status of the project, which by the looks of it has not yet been completed.

It does not look as if this initiative has had any effects in the Netherlands, even though Queen Máxima is regularly giving speeches on financial inclusion. In this country the discriminatory practices of financial institutions are increasing.

 

 

More information:

FATF:

Other:

Over Ellen Timmer

Weblog: https://ellentimmer.com/ ||| Microblog: https://mastodon.nl/@ellent ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
Dit bericht werd geplaatst in Bankrekening krijgen en behouden, English - posts in English on this blog, Financieel recht, onder meer Wft, Wtt, Fraude, witwasbestrijding, Wwft, Grondrechten en getagged met , , . Maak dit favoriet permalink.

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