FATF praises S Korea; FSRB lauds Qatar for AML while corruption could lose it the World Cup

The Financial Action Task Force’s bi-annual plenary meeting is happening in Paris this week and South Korea’s anti-money laundering (AML) efforts have already come in for praise.  The Financial Services Commission (FSC) said the plenary meeting of the Financial Action Task Force (FATF) being held in Paris assessed South Korea as having passed the evaluation in 16 key categories that show that the country is enforcing legal and financial procedures and systems compatible to international standards. South Korea will hold the FATF presidency for one year from July. Source: Global Post

Meanwhile the FATF Style Regional Body for the Middle East and North Africa (MENAFATF) has commended Qatar for its significant advances in strengthening the country’s AML legal framework since it enacted an AML law in 2010.Source Gulf News

Back in October 2013, the FATF published a Best Practices Paper on how to use the recommendations to combat corruption, which could come in useful in Qatar given the allegations of corruption surrounding the 2022 World Cup. Some of FIFA’s major sponsors have backed the anti-graft probe; Sony, Adidas, Coca-Cola, Visa and Hyundai/Kia have issued statements relating to the Qatar World Cup bid.

A large publicity blow to the Qatar 2022 campaign came from the US this week, when a senator called for the competition to be moved from the Middle East to the US, who came second in the vote to hold the 2022 contest. While this may or may not have weight in the grand scheme of an international football competition, it does add pressure to FIFA’s investigation of allegations surrounding Qatar’s World Cup bid.

The biggest blows against corruption come when entities lose money and powerful multi-national organisations are in the perfect position to influence global anti-bribery efforts by listening to the tidal wave of public anger at human rights abuses and corruption.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s