Austria’s progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Austria

Follow-Up Report Austria 2018

Filename
FUR-Austria-2018.pdf
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3 MB
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application/pdf
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Paris, 22 November 2018 – As a result of Austria’s progress in strengthening their measures to fight money laundering and terrorist financing since their 2016 mutual evaluation report and their first follow-up progress report in December 2017, the FATF has re-rated the country on two additional Recommendations.

Austria has been in an enhanced follow-up process, following the adoption of the FATF mutual evaluation, which assessed the effectiveness of the country’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the FATF Procedures for mutual evaluations, Austria has reported back to the FATF on the action it has taken to strengthen its AML/CFT framework.

This second follow-up report analyses Austria’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report since their first progress report to the FATF in December 2017. To reflect this progress, the FATF has re-rated Austria on the following Recommendations:

24 – Transparency and beneficial ownership of legal persons - from partially compliant to largely compliant

25 – Transparency and beneficial ownership of legal arrangements – from partially compliant to largely compliant

The report also looks at whether Austria’s measures meet the requirements of FATF Recommendations that have changed since their December 2017 progress report. The FATF agreed to maintain the ratings of partially compliant for Recommendation 7 (Targeted financial sanctions related to proliferation) and compliant for Recommendation 18 (Internal controls and foreign branches and subsidiaries) and Recommendation 21 (Tipping-off and confidentiality)

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Austria Follow-Up Report - 2018

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
LC
R.35- Sanctions
C
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports

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