Austria: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2009/298, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents a Detailed Assessment Report on Antimoney Laundering (AML) and Combating the Financing of Terrorism (CFT) for Austria. The authorities have designed and are implementing a comprehensive AML/CFT system, supported by well-developed federal administrative and supervisory bodies, and active professional organizations. The supervisory system for financial institutions is generally sound and efficient. Licensing requirements and the regime of sanctions need to be strengthened, and additional resources should be allocated to supervisory bodies.

Keywords: ISCR; CR; financial institutions; beneficial owner; criminal offense; due diligence; court case; terrorist group; notary public; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Money laundering; Terrorism financing; Europe (search for similar items in EconPapers)
Pages: 387
Date: 2009-12-01
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