FATF Assessments of Switzerland, Japan, and Finland re AML/CFT and sanctions

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The Financial Actions Task Force (FATF) has published follow-up reports on SwitzerlandJapan, 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