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:

👉 The FATF has suspended the membership of the Russian Federation.

👉 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.

👉 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.

👉 Jurisdictions under increased monitoring have changed, with South Africa and Nigeria added, and Cambodia and Morocco removed.

👉 The list of jurisdictions subject to a call for action remains unchanged.

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

👉 The FATF will publish a report on “Disrupting the financial flows from ransomware” in March 2023.

👉 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”.

👉 The FATF finalized a report on “Money Laundering and Terrorist Financing in the Art and Antiquities Markets”.

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

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