Asset freeze / Recommended

FATF recommendations and best practices

Recalls that the Financial Action Task Force (FATF) has called upon countries to apply enhanced due diligence and effective countermeasure to protect their jurisdictions from the DPRK’s illicit financial activity, and calls upon Member States to apply the FATF Recommendation 7, its Interpretive Note, and related guidance to effectively implement targeted financial sanctions related to proliferation;

UNSCR 2270 (2016), Paragraph 38

Calls upon Member States to move vigorously and decisively to cut the flows of funds and other financial assets and economic resources to individuals and entities on the List, as required by paragraph 1 (a), taking into account relevant FATF Recommendations and international standards designed to prevent the abuse of non-profit organizations, formal as well as informal/alternative remittance systems and the physical trans-border movement of currency, while working to mitigate the impact on legitimate activities through these mediums;

UNSCR 2255 (2015), Paragraph 11

Strongly urges all Member States to implement the comprehensive international standards embodied in the Financial Action Task Force’s (FATF) revised Forty Recommendations on Combating Money Laundering and the Financing of Terrorism and Proliferation, particularly Recommendation 6 on targeted financial sanctions related to terrorism and terrorist financing; to apply the elements in FATF’s Interpretive Note to Recommendation 6, with the final objective of effectively preventing terrorists from raising, moving and using funds, in line with the objectives of Immediate Outcome 10 of the FATF methodology; to take note of, inter alia, related best practices for effective implementation of targeted financial sanctions related to terrorism and terrorist financing and the need to have appropriate legal authorities and procedures to apply and enforce targeted financial sanctions that are not conditional upon the existence of criminal proceedings; and to apply an evidentiary standard of proof of “reasonable grounds” or “reasonable basis”, as well as the ability to collect or solicit as much information as possible from all relevant sources;

UNSCR 2253 (2015), Paragraph 16