Austria: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, December 1, 2009
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- Austria: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: December 1, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802498.002
Overview
- 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.
Key findings
- Austria has in place a comprehensive AML/CFT system aligned with FATF Recommendations.
- Federal administrative and supervisory bodies are well-developed and provide support to the AML/CFT framework.
- Professional organizations are active in supporting implementation.
- Supervision of financial institutions is generally sound and efficient.
- Gaps identified: licensing requirements and the sanctions regime require strengthening.
- Resource shortfalls: additional resources should be allocated to supervisory bodies.
Policy recommendations and implications
- Strengthen licensing requirements for financial institutions.
- Reinforce the regime of sanctions applicable for AML/CFT shortcomings.
- Allocate additional resources to supervisory bodies to enhance oversight capacity.