OUTCOMES OF THE FATF PLENARY, 16TH TO 18TH OCTOBER

On 18th October, FATF released a notice advising of its Plenary in Paris.  In major strategic initiatives, it considered –

  • the money laundering risk from stablecoins and other emerging assets; and
  • understanding and leveraging the use of “digital identity”.

Various mutual evaluation reports and follow-up reports were considered; and, in respect of jurisdictions with strategic AML/CFT deficiencies –

  • Ethiopia, Sri Lanka and Tunisia are no longer subject to monitoring – taken off “grey” list;
  • Iceland, Mongolia and Zimbabwe are now subject to monitoring – added to “grey” list;
  • considered Pakistan’s progress – kept on “grey” list, with further consideration in February; and
  • continuing to monitor Iran’s actions to address deficiencies in its AML/CFT system. Iran will remain on the FATF Public Statement until the full Action Plan has been completed.  Until Iran implements the measures required to address the deficiencies identified with respect to countering terrorism-financing in the Action Plan, FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system

Other matters considered were –

  • promoting and facilitating more effective supervision at national level – with a programme of outreach to national supervisors approved, which aims to explore ways of making supervision more effective;
  • new Best Practices on Beneficial Ownership for Legal Persons approved;
  • new work on combating the laundering of proceeds of illegal wildlife trade.  FATF will work to develop good practices in tackling the financial flows linked to illegal wildlife trade; and
  • strategic review – to consider the experience of the conduct of mutual evaluations to date, and how to go forward.

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

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

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 )

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

%d bloggers like this: