FATF WEEK: 18 TO 23 FEBRUARY

The FATF will meet for 6 days of meetings to discuss important issues to protect the integrity of the global financial system and contribute to safety and security.  The meetings will involve over 700 delegates from the 203 jurisdictions of the FATF Global Network, as well as the UN, IMF, World Bank and other partners.  The meetings will conclude with a Plenary meeting.  Among many other issues, the discussions during the Plenary will focus on –

  • Counter-terrorist financing: discussing a new CFT operational plan that will set out the actions the FATF will be taking in response to the changing terrorist financing threats.  The new operational plan will provide a forward looking and comprehensive plan of action for FATF in tackling terrorist financing, which continues to be the FATF’s top priority.
  • Proliferation financing: it will discuss FATF’s efforts to help prevent UN-sanctioned entities from using the financial system to support their programmes to develop WMD. It will discuss new guidance to help public and private sector understand and implement the obligations of the UN Security Council Resolutions so that proliferation-related assets are frozen.
  • Iceland, Norway and Spain: it will review the mutual evaluation of Iceland and review the actions that Norway and Spain have taken to address the deficiencies identified in their 2014 assessments.
  • It will discuss and update statements identifying high-risk and other monitored jurisdictions.

FATF will discuss its engagement with the FinTech and RegTech sectors and future steps to support responsible innovation.

FATF Heads of FIU will discuss the issue of FIU independence and autonomy, and how to improve the quality of financial intelligence, including through the use of IT solutions.

www.fatf-gafi.org/publications/fatfgeneral/documents/plenary-february-2018.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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