Financial Action Task Force on Money Laundering
In January 2011, the group commented on the Financial Action Task Force on Money Laundering (FATF), draft review of its 2003 AML/CTF standards. The Wolfsberg Group "caution[ed] FATF not to make recommendations or issue guidance that is too prescriptive with regard to any of the various risk indicators…for example that all foreign Politically Exposed Persons (PEPs) present a heightened risk", that "a categorical approach [is] not only unnecessary but fundamentally counterproductive", "too prescriptive and too narrowly conceived".