Officially called The International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, these recommendations issued by the FATF set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. There are some Recommendations that are related to sanctions, which are set out in Section C of the FATF Recommendations. These are:
Recommendation 6: Deals with targeted financial sanctions related to terrorism & terrorist financing); and
Recommendation 7: The proliferation of weapons of mass destruction is also a significant security concern, and in 2008 the FATF’s mandate was expanded to include dealing with the financing of proliferation of weapons of mass destruction. To combat this threat, the FATF has adopted Recommendation 7 aimed at ensuring consistent and effective implementation of targeted financial sanctions when these are called for by the UN Security Council.