The Financial Action Task Force Thursday announced a series of changes to its standards designed to help step up the fight against money laundering and terrorist financing.

The Paris-based inter-governmental body, which sets global anti-money laundering standards utilized by more than 180 countries, says the revisions will provide authorities with a stronger framework to act against criminals and address new threats to the international financial system. It says the changes will enable national authorities to take more effective action against money laundering and terrorist financing at all levels — from the identification of bank customers opening an account through to the investigation, prosecution and forfeiture of assets. At the global level, the FATF will also monitor and take action to promote implementation of the standards, it says.

The FATF reports that the revised recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based approach, it says.

The main changes include: revisions to improve transparency to make it harder for criminals to conceal their identities or hide their assets; expanding the scope of money laundering offences by including tax crimes; more effective international cooperation including improved information sharing, joint investigations, and tracing, freezing and confiscation of illegal assets; and, better operational tools and a wider range of techniques and powers, both for the financial intelligence units, and for law enforcement to investigate and prosecute money laundering and terrorist financing.

“Adoption of the revised recommendations demonstrates countries’ shared commitment to fight money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction,” said Giancarlo Del Bufalo, president of the FATF. “The revised recommendations include requirements for stronger safeguards in the financial sector, strengthened law enforcement tools and improved international cooperation.”

The revisions involved all of the FATF’s 180 members, along with extensive consultation with the private sector, the group reports.