This ICNL Guide explains how states can comply with the FATF Recommendations relevant to the non-profit sector. Concrete examples of positive practices and strategies are provided from peer countries, which state and civil society actors may adapt to their specific contexts to comply with the FATF Recommendations.
Positive Practices in Implementation of FATF Recommendation 8
Guide for State Actors and Civil Society
Published: August 2023
Who is this guide for?
- STATE ACTORS seeking to bring measures on anti-money launder-ing and countering the financing of terrorism (AML/CFT) in line with the Financial Action Task Force (FATF)’s Recommendations.
- CIVIL SOCIETY ACTORS seeking to analyze state compliance with FATF Recommendations and advocate the government to adopt practices that both comply with the FATF Recommendations and promote an enabling environment for the non-profit sector.
How can you use this guide?
The guide covers five key topic areas to facilitate compliance with the FATF Recommendations. Stakeholders can review the AML/CFT measures and practices in their countries with reference to these topic areas:
- Non-profit organization (NPO) Terrorism Financing (TF) Risk Assessment
- Registration of NPOs
- Risk-based supervision and monitoring
- Outreach to the NPO sector
- Self-regulatory mechanisms and practices of NPO sector
Why should you use this guide?
Non-compliance with the FATF Recommendations may result
in a poor evaluation or public criticism by FATF. This can raise a non-compliant country’s cost of access to international financial systems, including those affecting banking and government access to loans through international bonds.