Are We a Money Laundering Paradise? Report Criticizes Austria
The forthcoming report by the Financial Action Task Force (FATF) on anti-money laundering in Austria is expected to be critical. According to an interim report, eight out of eleven assessed categories were rated as having only "moderate" or "low effectiveness," reports "Die Presse," citing the preliminary document. Thus, Austria narrowly misses being listed on the so-called "grey list."
Critical Interim Report Presented to Ministries
The interim report has already been presented to several ministries. The Ministry of the Interior told the newspaper that the preliminary assessments met expectations. According to the Ministry of Justice and the Ministry of Finance, targeted measures to improve anti-money laundering efforts are to follow. "There will be efforts to address the challenges identified during the review," stated the Ministry of Finance.
Criticism is particularly directed at the low number of investigations initiated. According to the report, there is a lack of targeted anti-money laundering strategies and clear guidelines. Law enforcement has so far not adequately considered threats such as drug trafficking, tax offenses, and corruption.
FMA Points to Progress in the Financial Sector
According to the Financial Market Authority (FMA), the FATF positively evaluates the Austrian financial sector. Domestic banks have significantly improved their measures against money laundering. This result is likely to have a favorable impact on Austria's overall assessment.
The final FATF report is expected in February 2026. Currently, 24 countries are on the FATF's grey list, including Bulgaria, Monaco, Nigeria, and Syria.
(APA/Red)
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