On 23 October, FATF reported the outcome of the Plenary held 21-23 October which included statements on the impact of the Covid-19 crisis on risks, policies etc.  It confirmed that Iceland and Mongolia are no longer subject to enhanced monitoring – with no change to the February list of high-risk jurisdictions.  The Plenary issued a statement on strengthening measures to prevent the financing of proliferation of WMD.  Following a public consultation on the draft amendments to Recommendation 1 and its Interpretive Note, the FATF Plenary approved revisions to the FATF Recommendations. The revised Recommendation 1 and its Interpretive note require countries and private sector entities to identify, assess, manage and mitigate the risks of potential breaches, non-implementation, or evasion of the targeted financial sanctions related to proliferation financing.  The Plenary also adopted changes to Recommendation 2 and a new Interpretive Note to Recommendation 2, to enhance domestic co-operation, co-ordination and information exchange among national authorities. The Plenary also adopted a new report on Trade Based Money Laundering (TBML), which it will publish in the near future. It provides an update on new trends and developments and aims to assist both the public and private sectors to better identify and disrupt TBML activity using a risk-based approach. The report will also serve as a practical tool for governments to develop specific measures and practices to overcome the numerous challenges associated with pursing this complex form of money laundering.


I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page 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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