Document Type : Article
Authors
1 Professor, Public Law department, Faculty of Law and Political Sciences, University of Tehran, Tehran, Iran
2 Ph. D in Public Law department ,Faculty of Law and Political Sciences, University of Tehran, Tehran, Iran
Abstract
The Financial Action Task Force is currently the most active and dynamic entity in standardizing and creating new methods to block avenues for money laundering and terrorism financing. One of its most important actions is the preparation and presentation of forty recommendations that countries must adhere to within their financial systems to prevent any misuse of their financial and banking systems. Some of these recommendations have a history in Security Council resolutions or the Convention on Combating the Financing of Terrorism, while others are new. Although the recommendations of the Financial Action Task Force are non-binding and considered soft law, non-compliance by governments can lead to a lack of investor confidence in that government's financial system. Nevertheless, studies indicate that those recommendations from the Financial Action Task Force that contain common rules with what is outlined in the Convention on Combating the Financing of Terrorism or Security Council Chapter VII resolutions are more welcomed by governments. In contrast, governments have shown less adherence to recommendations that contain new rules and lack backing from binding mechanisms, which may indicate the reasons for governments' compliance with the recommendations of a non-binding entity.
Keywords
- terrorist financing
- Convention for The Suppression of The Financing of Terrorism 1999
- security council resolution
- FATF.
Main Subjects
Emglish
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- Arabinda A. (2009). Targeting Terrorist Financing: International Cooperation and New Regimes, New York: Routledge.
- Dion-Schwarz et al, (2019).Terrorists use virtual assets, Published by the RAND Corporation, Santa Monica, Calif.
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- Esi Baffoe, E. (2017). The Role of The United Nations Security Council in Combating Terrorism Financing Since 2001: Prospects and Challenges, Master Thesis, University of Ghana.
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- FATF, Guidance on Capacity Building for Mutual Evaluations and Implementation of the FATF Standards within Low Capacity Countries (February 2008).
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- http://www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html.
- https://treaties.un.org/Pages/showDetails.aspx?objid=080000028004f335&clang=_en.
- International Convention for the Suppression of the Financing of Terrorism, Adopted by the General Assembly of the United Nations in resolution 54/109 of 9 December 1999, Available at: http://www.un.org/law/cod/finterr.htm.
- International Standards On Combating Money Laundering And The Financing Of Terrorism & Proliferation, The FATF Recommendation, 2012.
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