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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Europol 
European Law Enforcement Organization, which aims to improve the effectiveness and cooperation of 
competent authorities in member states in preventing and combating terrorism, unlawful drug trafficking 
and other serious forms of international organized crime. In the area of anti-money laundering, Europol 
provides European Union member states‘ law enforcement authorities with operational and analytical 
support via the ELOs (Europol Liaison Officers) and its analysts. 
Exchange Office 
See Bureau de Change. 
Exempt Account 
In some countries, a distinction is granted to certain customers of a financial institution permitting the 
institution to waive its responsibility to report certain transactions that are otherwise required. Exempt 
accounts must be documented and the financial institutions that secure the exemptions must still monitor 
their transactions. 
Express Trust 
A trust created by the settlor, usually in the form of a document such as a written deed of trust. An express 
trust contrasts with trusts that come into being through the operation of the law and do not result from the 
clear intent or decision of a settlor to create a trust or similar legal arrangements (e.g., constructive trust). 
Extradition 
The surrender by one country to another of an accused or convicted person under a bilateral agreement that 
specifies the terms of such exchanges, such as the persons subject to being exchanged and the crimes for 
which exchanges will be permitted. The 1988 Vienna Convention against Illicit Traffic in Narcotics and 
Psychotropic Substances makes money laundering an internationally extraditable offense. 
Extraterritorial Reach 
The extension of one country‘s policies and laws to the citizens and institutions of another. U.S. money 
laundering laws contain several provisions that extend its prohibitions and sanctions into other countries. 
For example, the ―extraterritorial jurisdiction‖ of the principal U.S. anti-money laundering law can apply to 
a non- U.S. citizen if the ―conduct‖ occurs ―in part‖ in the U.S. 
F
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Financial Action Task Force (FATF) 
FATF was chartered in 1989 by the Group of Seven industrial nations to foster the establishment of national 
and global measures to combat money laundering. It is an international policy-making body that sets anti-
money laundering standards and counter-terrorist financing measures worldwide. Its Recommendations do 
not have the force of law. In 2003, FATF revised its 40 Recommendations on Money Laundering. Among 
the organization‘s tasks is to promote the adoption and implementation of its recommendations by non-
member countries. It has also issued Special Recommendations on Terrorist Financing and develops annual 
typology reports showcasing current money laundering and terrorist financing trends and methods. 
Financial Action Task Force on Money Laundering in South America (GAFISUD - Grupo de Acción 
Financiera de Sudamérica) 
A FATF-style regional body for South America, established in 2000. Members include: Argentina, Bolivia, 
Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, Paraguay, Peru, and Uruguay. 
Financial Action Task Force-Style Regional Body (FSRB) 
FSRBs have forms and functions similar to those of FATF. However, their efforts are targeted to specific 
regions. Examples include the Caribbean Financial Action Task Force, the Eastern and Southern African 
Anti-Money Laundering Group, and the Middle East North Africa Financial Action Task Force. 
Financial Institution 
According to the FATF‘s 40 Recommendations, a financial institution is any person or entity that conducts 
as a business one or more of the following activities or operations on behalf of customers: 
- Acceptance of deposits and other repayable funds from the public. 
- Lending. 
- Financial leasing. 
- The transfer of money or value. 
- Issuing and managing means of payment (e.g., credit and debit cards, checks, traveler‘s checks, money 
orders and bankers‘ drafts, electronic money). 
- Financial guarantees and commitments.   
- Trading in: 
 
a) money market instruments (checks, bills, CDs, derivatives etc.); 
 
b) foreign exchange; 
 
c) exchange, interest rate and index instruments;   
 
d) transferable securities and 
 
e) commodity futures trading. 
- Participation in securities issues and the provision of financial services related to such issues. 
- Individual and collective portfolio management. 
- Safekeeping and administration of cash or liquid securities on behalf of other persons. 
- Otherwise investing, administering or managing funds or money on behalf of other persons. 
- Underwriting and placement of life insurance and other investment-related insurance. 
- Money and currency changing. 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Financial Intelligence Unit (FIU) 
A central governmental office that obtains information from financial reports, processes it and then 
discloses it to an appropriate government authority in support of a national anti- money laundering effort. 
The activities performed by an FIU include receiving, analyzing and disseminating information and, 
sometimes, investigating violations and prosecuting individuals indicated in the disclosures. 
Financial Sector Assessment Program (FSAP) 
Established in 1999 by the International Monetary Fund and the World Bank, the FSAP assesses 
jurisdictions for their financial systems‘ strengths and vulnerabilities with an aim to reducing the potential 
for crises. 
Forensic Accountant 
Specializes in analyzing financial evidence and testifying as an expert witness in cases of white-collar 
crime, including money laundering. 
Forfeiture 
The permanent loss of private property or assets as a result of legal action by a government authority. 
Generally, the owner of the property has failed to comply with the law or the property is linked to some sort 
of criminal activity. 
Freeze 
To prevent or restrict the exchange, withdrawal, liquidation, or use of assets or bank accounts by 
governmental action. As defined by FATF‘s ―Interpretative Note to Special Recommendation III: Freezing 
and Confiscating Terrorist Assets‖: To prohibit the transfer, conversion, disposition or movement of funds 
or other assets on the basis of, and for the duration of the validity of, an action initiated by a competent 
authority or a court under a freezing mechanism. The frozen funds or other assets remain the property of the 
person(s) or entity(ies) that held an interest in the specified funds or other assets at the time of the freezing 
and may continue to be administered by the financial institution or other arrangements designated by such 
person(s) or entity(ies) before initiation of the action under a freezing mechanism. 
Front Company 
A business that commingles illicit funds with revenue generated from the sale of legitimate products or 
services. Criminals use front companies to launder illicit money by giving the funds the appearance of 
legitimate origin. Organized crime has used pizza parlors to mask proceeds from heroin trafficking. Front 
companies may have access to substantial illicit funds, allowing them to subsidize front company products 
and services at levels well below market rates or even below manufacturing costs. Front companies have a 
competitive advantage over legitimate financial institutions that must borrow from financial markets, 
making it difficult for legitimate businesses to compete with front companies.   
 
 




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