September 12 2016
Austria has an overall sound legal and institutional anti-money laundering and counter-terrorist financing (AML/CFT) framework, but improvements are still needed in national policy coordination, assessment of risk, and targeted financial sanctions. Austria also needs to improve its effectiveness in applying these and a range of other measures, as detailed below.
The FATF conducted an assessment of Austria’s AML/CFT system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Austria’s AML/CFT system and its level of compliance with the FATF Recommendations.
Austria has a good understanding of the terrorist financing risks, and its CFT system exhibits many characteristics of an effective system for investigating and prosecuting those involved in terrorist activities. But, despite its position as an international financial centre, Austria does not pursue money laundering and confiscation as a priority.