OUTCOMES OF FATF PLENARY – including Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

On 21 June, FATF issued a news release containing details of the outcome of a week-long Plenary meeting in Orlando, where they celebrated the 30th Anniversary of FATF.  Outcomes included –

  • a public statement and a risk-approach guidance on virtual assets and virtual asset service providers;
  • Launch of a Strategic Review to analyse the progress made on effective implementation of AML/CFT measures, review the FATF/FSRB assessment processes, and identify drivers of positive change;
  • Discussion of the mutual evaluation reports of Greece and Hong Kong, China;
  • Re jurisdictions with strategic AML/CFT deficiencies – Serbia no longer subject to ongoing monitoring, but Panama is, and monitoring of Iran continues; with reviews of Brazil and Iceland progress; and
  • Approval of risk-based guidance for lawyers, accountants and TCSP

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

Report: FATF Actions to Identify and Disrupt ISIL, Al-Qaeda and Affiliates’ Financing

The 10th update of this mechanism was approved.  

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

Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-statement-virtual-assets.html

Statement on Brazil and actions to remedy shortcomings identified in mutual evaluation

http://www.fatf-gafi.org/publications/mutualevaluations/documents/brazil-statement-june-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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s