The Financial Crime Forum Ltd, the training and conferences arm of The Anti Money Laundering Network is to host a two day seminar explaining The Financial Action Task Force 40 Recommendations 2012 Revision.
The seminar will be held in Hong Kong, Singapore, Jakarta, Dubai and London during May 2012.
EARLY BIRD pricing ends 31 March 2012 by which time booking must be confirmed and payment received.
The Financial Action Task Force has issued its 2012 revision of the Forty Recommendations.
The new revision makes major changes to the previous set (known as the Forty Recommendations plus 9). The "plus 9" were bolt-on additions known as "Special Recommendations"
Now the Special Recommendations have been brought within the body of the Forty Recommendations and a raft of other major changes have been made including new provisions relating to the financing of proliferation of Weapons of Mass Destruction (WMD) so giving more practical teeth to international sanctions.
The 2012 version of the Forty Recommendations has been developed with unprecedented input from the so-called "FATF-Style Regional Bodies" which include the Asia Pacific Group, The Middle East and North Africa FATF, the Caribbean Financial Action Task Force, the Eurasian Group and the Eastern and Southern Africa Anti Money Laundering Group.
Each of those groups is to require its member countries to develop systems that comply with the Forty Recommendations (although some minor deviation will be permitted to take account of local conditions).
Although the FATF R40 are an agreement between governments to pass legal and regulatory measures and do not directly impact upon financial institutions, properly managed financial institutions will prepare for those requirements in advance of changes in law and regulation.
In addition, because of the international nature of financial services, and the regulatory requirement to adopt the higher standards of "home or host" for overseas operations, all financial services businesses operating internationally should presume that there is an expectation of compliance - even if their home country has not yet implemented the R40.
This seminar will review the changes, highlight what compliance and risk management reviews should be made and examine way of modifying existing processes and procedures in readiness for the implementation of changes so as to reduce the culture shock and expense of making those changes all at once.
The seminar will also examine the impact on financial institutions of the latest series of warnings relating to countries deemed to be behind in their implementation of the R40.
Seminar Presenter: Nigel Morris-Cotterill, Head, The Anti Money Laundering Network.
Hong Kong 10/11 May 2012
Jakarta 14 /15 May 2012
Singapore 16/17 May 2012
Dubai 20 / 21 May 2012
London 24 / 25 May 2012
Bookings made and paid for before 1 April 2012
GBP500 per person.
Two or more persons on the same booking: GBP450 per person
Bookings made and paid for on or after 1 April 2012
GBP600 (plus VAT in London) per person.
Two or more persons on the same booking: GBP550 per person
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The Anti Money Laundering Network has provided consultancy, training and publications worldwide since 1994. Global Response centre is in Malaysia. Operating companies in the UK, Hong Kong and Malaysia. Group holding company: Hong Kong.