Nechaev V.P. FATF Goals in the Sphere of Counteraction Corruption

Abstract: The article deals with current issues of the FATF activity on combating corruption, which were presented by the author to the general public during a speech at the 3rd Eurasian Anticorruption Forum “Modern Standards and Technologies in Counteraction Corruption” held on 24-25 April 2014 in Moscow. The author focuses on the fact that the leading countries of the world have joined forces in various international grounds in order to create effective tools to facilitate the formation of corruption-free business environment. FATF develops global standards for combating money laundering and financing of terrorism. The joint implementation of anti-money laundering and anti-corruption measures allows to achieve significant results. Since 2011 the FATF has been holding annual meeting of experts in conjunction with G20 working group on anti-corruption. The results of the joint work were reports and guidelines focused specifically anti-corruption issues. According to the author view, the understanding the relationship between corruption and money laundering is very important. Corruption and bribery generate a certain flow of cash, so various schemes in order to conceal the source of their illicit origin are used. The article emphasizes that only joint efforts and exchange of experience between the various international organizations, local financial institutions and government agencies will allow the creation an effective global system of anti-corruption in the modern world.

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