The IMF on what is ML/TF/PF?
28/03/2024
While Money Laundering and Terrorism Financing activities differ in many ways, they often exploit the same vulnerabilities in financial systems and the broader economy that allow for anonymity and opacity in transactions.
According to the IMF, ML/TF/PF means:-
- ML = MONEY LAUNDERING
- ML is the processing of assets from criminal activity to obscure their illegal origins.
- The money laundering offense should apply to all serious offenses, with a view to including the widest range of predicate offenses.
- At a minimum, it should apply to the 21 categories of offenses designated by the Financial Action Task Force (FATF) in its glossary, including, inter alia, participation in organized crime, fraud, drug trafficking, corruption and bribery, and tax crimes [see full list below*].
- TF = TERRORISM FINANCING
- TF involves the raising and processing of funds to supply terrorists with resources.
- While ML and TF differ in many ways, they often exploit the same vulnerabilities in financial systems that allow for an inappropriate level of anonymity and opacity in the execution of financial transactions.
- PF = FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTIONS
- PF is a requirement on countries to implement targeted financial sanctions to comply with the United Nations Security Council (UNSC) resolutions on the proliferation of WMD and its financing.
- This requirement is similar in its approach to the targeted financial sanctions applicable in the context of the fight against terrorism and terrorism financing but has a narrower application:
- It addresses exclusively the freezing without delay of funds or other assets of persons or entities designated by the UNSC as being involved in illicit proliferation of WMD and domestic cooperation.
*The 21 categories of offenses designated by the Financial Action Task Force (FATF) in its glossary are:-
Source
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