Outcomes from the Financial Action Task Force (FATF) plenary meeting

Here are the key outcomes from the Financial Action Task Force (FATF) plenary meeting held from February 22-24, 2023:

๐Ÿ‘‰ The FATF has suspended the membership of the Russian Federation.

๐Ÿ‘‰ Indonesia’s Mutual Evaluation report highlighted the country’s strong legal, regulatory and institutional framework, but also noted the need to focus more on pursuing larger scale money launderers and enhancing asset confiscation.

๐Ÿ‘‰ Qatar’s Mutual Evaluation report recognized the significant improvements made in its AML/CFT regime, while calling for better law enforcement response to ML/TF and the use of financial intelligence. It also urged the improvement of the availability and access to beneficial ownership information by law enforcement and competent authorities.

๐Ÿ‘‰ Jurisdictions under increased monitoring have changed, with South Africa and Nigeria added, and Cambodia and Morocco removed.

๐Ÿ‘‰ The list of jurisdictions subject to a call for action remains unchanged.

๐Ÿ‘‰ The FATF plenary has finalized guidance for countries on the revised requirements of Recommendations 24 and 25 relating to beneficial ownership information.

๐Ÿ‘‰ The FATF will publish a report on “Disrupting the financial flows from ransomware” in March 2023.

๐Ÿ‘‰ The plenary agreed on a roadmap to strengthen the implementation of Recommendation 15 for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), including the “travel rule”.

๐Ÿ‘‰ The FATF finalized a report on “Money Laundering and Terrorist Financing in the Art and Antiquities Markets”.

๐Ÿ‘‰The plenary selected Mr. Jeremy Weil from Canada as the next FATF Vice President, serving from 2023 to 2025.

Artboard 1

Related Articles