FATF MOVES TO CLARIFY DERISKING RULES ON CHARITIES
July 1st, 2016
FACED with evidence that international charities continue to face restricted access to banks over de-risking concerns, the global AML body the Financial Action Task Force (FATF) voted at its plenary session in South Korea in June to revise its Recommendation 8 and the accompanying Interpretative Note addressing the problem. Its changes now make clear to regulators and financial institutions that “[non-governmental organisations] NGOs are not particularly vulnerable to terrorist financing abuse". This was a change that had long been sought by charities ...
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