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Event Details

The New FATF Recommendations and the AML/CTF Methodology

Why Risk Assessments are the latest thing, and what FIs, Countries, NGOs, and Practitioners need to know about them

A non-CLE, brown bag program proudly presented by
ABA Section of International Law
International Anti-Money Laundering Committee
Co-sponsored by
International Financial Products & Services Committee

In cooperation with The Financial Intelligence & Information Sharing Working Group, an element of the American Security Project
Tuesday, May 6, 2014
1:00 PM - 3:00 PM US EDT

Live in Person or by Teleconference

American Bar Association
John Marshall Room A/B/C
1050 Connecticut Ave NW, 
5th Floor
John Marshall Room B&C
Washington, DC 20036

The Financial Action Task Force (FATF) is an inter-governmental body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  It has issued new recommendations regarding Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF). Per FATF, "the new Methodology adds a new dimension  to the evaluation of countries compliance with FATF-standards.  It remains as important as before that all countries implement the Recommendations of the FATF in their legal systems, however, the new Methodology lays the foundation for a systematic assessment of the effectiveness of national systems. The future assessments will determine how well countries achieve the objective of fighting Money Laundering and Financing of Terrorism."

Our panel of experts will discuss what has changed, why, and when these standards will become effective. Their discussion will include an overview of the revised and more comprehensive FATF standards on which mutual evaluations and IMF/World Bank assessments are based and why "effectiveness" is the latest buzz-word in this space.  They will examine how outcomes will be affected by the new process and how effectiveness may be measured.  The panel will also discuss risk: What is a risk-based assessment under these rules and how will that be measured?  Further, will developing countries have sufficient resources to comply with the tougher standards and how might tangible differences in resources be addressed? Of particular interest to financial Institutions and their counsel are the standard-of-care expectations for AML compliance programs, SAR reporting, sanctions screening, information sharing and global enterprise-wide risk management. There may also be discussion of what will change, if anything, regarding financial transfers through non-financial institutions (cellphone banking, Bitcoin, etc.).
•    Bruce Zagaris: Partner, Berliner, Corcoran & Rowe LLP
•    Ross Delston, CAMS: Attorney + Expert Witness
•    Jody Myers, Assistant General Counsel, IMF
•    Nicole Healy, Partner, Ropers, Majeski, Kohn & Bentley PC
•    Chip Poncy, Financial Integrity Network 

Registration Rates:
$20 - Section of International Law Members
$20 - Cooperating Organization Members
$30 - SIL Non-Members

Please RSVP* to: Jonathan Lewis

May 6, 2014