The Financial Actions Task Force (FATF) has published follow-up reports on Switzerland, Japan, and Finland regarding their progress in strengthening measures to tackle money laundering and terrorist financing, including the use of sanctions.
According to FATF, the 3 countries have made progress in addressing the technical compliance deficiencies identified in their mutual evaluation reports, but some progress is still needed:
- Switzerland: Swiss legislation does not contain any provisions protecting the rights of bona fide third parties in the context of terrorist financing designations.
- Japan: it has not been demonstrated that the asset-freezing obligations extend to all funds or other assets that are owned or controlled by designated persons and Japan does not implement financial sanctions related to proliferation without delay.
- Finland: penalties for terrorist financing are not fully proportionate nor dissuasive and are not implemented without delay.
Source : Sanction