On 30 June, FATF reported on the outcome of the recently-held Plenary. It says that –
- FATF discussed the results from a 12-month review that monitored how countries and services providers are implementing the FATF requirements on virtual assets and virtual asset service providers (VASP), and the FATF Report to the G20 on so-called ‘Stablecoins’;
- it updated its statement on Iceland and Mongolia, with work with these countries based on the original timelines.
- it has now agreed to a public consultation of modifications to Recommendation 1 and its Interpretive Note, which aim to strengthen requirements for jurisdictions and private sector entities to identify, assess and mitigate the risks of potential breaches, non-implementation, or evasion of the targeted financial sanctions related to proliferation financing; and
- discussed and approved the priorities of the FATF under the Presidency of Marcus Pleyer, which will commence on 1 July.
It also released a statement on achievements at the end of the Chinese presidency of FATF –
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