On 19th August, FATF released its latest Business Bulletin.  In it it says that –

Greece – the June Plenary concluded that Greece has a sound legal framework to support effective action against money laundering and terrorist financing, but that the country needs to improve its prosecution of these crimes, the supervision of its designated non-financial professions and businesses and NPO sector, and the confiscation of proceeds of crime.

Hong Kong – the June Plenary discussed the joint APG-FATF assessment of Hong Kong and concluded that the jurisdiction has a strong legal foundation to underpin its AML/CFT regime.  It understands its risks, has effective measures in place to combat terrorist financing and to confiscate the proceeds of crime, and actively cooperates with international partners.  However, it needs to prioritise efforts to prosecute ML linked to foreign predicates, increase risk understanding and AML/CFT implementation by smaller institutions, and strengthen supervisory measures for some sectors.

The evaluation reports on Greece and Hong Kong are due in September.

Iceland – the June Plenary discussed the progress that Iceland has made since its mutual evaluation report was adopted last year.  It agreed to re-rate Iceland on a number of FATF Recommendations to reflect the country’s current level of technical compliance.  After a quality and consistency review, FATF will publish the follow-up report which sets out the actions that Iceland has taken to strengthen the effectiveness of its measures to combat money laundering and the financing of terrorism and proliferation.


This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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