OUTCOMES OF THE FATF PLENARY

On 22nd February, FATF reported on the outcomes of the Plenary held in Paris, 20th to 22nd February.  It –

  • approved 3 Risk-Based Approach Guidance papers for public consultation: for lawyers; accountants and Trust and Company Service Providers (TCSP). The guidance documents will be released for public consultation before their final adoption in June 2019;
  • issued a public statement on its activities in respect of Iran and North Korea;

http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/documents/public-statement-february-2019.html

  • adopted a new Interpretative Note to Recommendation 15 on virtual assets, that will be formally adopted in June;

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/regulation-virtual-assets-interpretive-note.html

  • discussed the mutual evaluation reports of China and Finland, and the progress that Italy and Norway have made since their mutual evaluation reports were adopted;
  • issued a statement on current Efforts by the FATF to Monitor and Take Action against Terrorist Financing;

http://www.fatf-gafi.org/publications/methodsandtrends/documents/fatf-action-against-terrorist-financing-feb-2019.html

  • issued a statement on action by Brazil to remedy deficiencies identified in its mutual evaluation report;

http://www.fatf-gafi.org/publications/methodsandtrends/documents/fatf-statement-brazil-feb-2019.html

  • made amendments to the list of jurisdictions with strategic AML/CFT deficiencies, and added Cambodia as a jurisdiction with strategic AML/CFT deficiencies (noting that it has developed an action plan with the FATF to address the most serious deficiencies);
  • commented on Iran’s actions to counter deficiencies in its systems; and
  • discussed the latest report to the G20 on its work programme on preventing the misuse of virtual assets for money laundering and terrorist financing, including the adoption of revisions to define how to apply its revised requirements of the FATF Standards to virtual asset service providers and in the context of virtual assets.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-plenary-february-2019.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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