Austria: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2009/299, IMF Staff Country Reports from International Monetary Fund

Abstract: The paper presents a report on Austria’s Observance of Standards and Codes for Financial Action Task Force Recommendations for Antimoney Laundering (AML)/Combating the Financing of Terrorism (AML/CFT). The Austrian 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 institution; authority; offense; Non-Financial business; risk assessment; trade authority; financial institution secrecy; a number of financial institutions; predicate offense; due diligence; criminal procedure; district authority; supervisory authority; authorities record; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Terrorism; Eastern Europe (search for similar items in EconPapers)
Pages: 15
Date: 2009-12-01
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